Smartcash PSB has partnered with Thunes, a cross-border payments infrastructure provider, to make it possible for its customers to receive remittances in Naira in their Smartcash wallets. The international remittances can be received from various countries directly into a customer’s Smartcash account, using their phone numbers as both their account and contact details. Funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
According to Managing Director of Smartcash PSB, Muyiwa Ebitanmi in a press statement,
“This will help 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, making it 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.”
Asma Ben Gamra, Vice President of Network Development, Middle East and Africa for Thunes stated that,
“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, with $20.9 billion, 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.”
Following the Central Bank of Nigeria’s announcement in July of this year, which added the Nigerian naira as a remittance payout option, financial service providers have been establishing partnerships to facilitate this process.
In August, MoMo PSB, a subsidiary of MTN Nigeria, also formalized an agreement with Saana Capital LLC, a licensed International Money Transfer Operator (IMTO), to facilitate seamless cross-border transfers within Africa.
In May 2022, Smartcash PSB, a subsidiary of Airtel Africa, was launched to provide safe and reliable financial services across Nigeria.
