Smartcash Payment Service Bank (PSB) Limited, a subsidiary of Airtel Nigeria, said its customers can now receive international remittances in naira to their mobile wallets.
Since the Central Bank of Nigeria (CBN) announced the inclusion of naira as a payout option for diaspora remittances in July this year, financial service providers have been entering partnerships to facilitate this.
With a population of 224 million and an extensive international diaspora, Nigeria is one of the world’s largest markets for remittances, with $20.9 billion, paid in during 2022 according to the World Bank.
The company said it’s partnership with Thunes, a cross-border payments infrastructure provider, will enable Smartcash PSB’s customers to receive inward remittances from countries worldwide directly into their Smartcash accounts by simply sharing their phone numbers, which also serve as their account numbers. Also, funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
In August, MoMo PSB also signed a partnership agreement with Saana Capital LLC a licensed International Money Transfer Operator (IMTO) to facilitate seamless inbound and outbound transfers across Africa.
Speaking on the new service, the Managing Director of Smartcash PSB, Muyiwa Ebitanmi, said the service will help those financially excluded by providing a hassle-free and efficient solution for individuals wishing to send money quickly to their loved ones in Nigeria.
Also speaking at the event, Vice President of Network Development, Middle East and Africa at Thunes, Asma Ben Gamra, said “our partnership with Smartcash PSB aims to simplify transactions for millions of Nigerians in the US, Europe and beyond, making it easier for them to support their families back home. Thunes has deep experience supporting banks and digital wallets to enable cross-border payments seamlessly, transparently, and in real-time.”