Smartcash Payment Service Bank has partnered with payments company Thunes, to power international remittances in naira to mobile wallets.
Smartcash PSB becomes one of the first financial services providers to offer naira payouts to wallets, since the Central Bank of Nigeria approved this payout method in June 2023.
This partnership enables Smartcash PSB’s customers to receive inward remittances from countries worldwide directly into their Smartcash accounts. Users can share their phone numbers, which also serves as their account number. Funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
Nigeria remittances have never been easier
Muyiwa Ebitanmi, MD, Smartcash PSB, said that the service solves another challenge with receiving funds from family and friends abroad.
“It helps those financially excluded by providing a hassle-free and efficient solution for individuals in the diaspora looking to send money quickly to their loved ones in Nigeria.”
“We are delighted to partner with Thunes on cross-border transfers that bring unprecedented convenience and speed to international remittances. It is easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts. This service will not only improve the financial well-being of our customers, but also contribute to the economic growth and spending capacity of Smartcash account holders in the country,” he remarked.
Nigeria remittances: a $20.9bn market in 2022
Asma Ben Gamra, Vice President of Network Development, Middle East and Africa at Thunes, added: “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. With a population of 224 million and an extensive international diaspora, Nigeria is one of the world’s largest markets for remittances. $20.9bn was paid in during 2022 according to the World Bank. Thunes has deep experience supporting banks and digital wallets to enable cross-border payments seamlessly, transparently and in real-time.”
Smartcash PSB was launched in 2022 to help unbanked populations better access banking services and the digital economy. It’s one of the fastest growing digital wallets providers in the country with tens of millions of account holders.
Earlier this month, Thunes partnered with Access Africa to enable remittance payments in 13 markets across Africa. The two announcements mean that Thunes will connect over 80 million new customers, as the business doubles down on its African network.
Earlier this month, Thunes partnered with Access Africa to enable remittance payments in 13 markets across Africa. The two announcements mean that Thunes will connect over 80 million new customers as the business doubles down on its African network.
