Digital money transfer company, WorldRemit is planning to partner with mobile money service company, Paga for international digital money transfers into Nigeria.
According to a statement by WorldRemit, “The new partnership will considerably grow WorldRemit’s footprint in Nigeria, expanding the company’s service offering from bank transfer and airtime top-up to include mobile money. The introduction of international transfers to mobile-to-mobile accounts in Nigeria supports WorldRemit’s commitment to financial inclusion in the country, where nearly 40% of the adults are unbanked.”
This means that Nigerians living in diaspora will soon be able to send money quickly and securely to over 11 million Paga users using the WorldRemit app or website.
WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. International transfers to Paga mobile money wallets via WorldRemit will be instant. Recipients will then be able to transfer funds from their Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept Paga payments. Customers will also be able to withdraw money as cash at Paga agent locations, perform cardless withdrawals at select ATMs or store their funds in their Paga accounts.
Since its launch in 2009, Paga has been recognized by the World Bank and International Monetary Fund as the fastest-growing Agent Network for its role in driving financial inclusion in Nigeria. Paga is the country’s widest reaching mobile money company, with over 14,000 agents across nearly 36 states, and is committed to making it easy for people to send and receive money digitally. Last year, after a $10 million raise, Paga announced plans to expand into new global territories and introduce new partnerships and products to the market.
With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.
