Smartcash payment service bank limited (Smartcash
PSB), an Airtel subsidiary, collaborates with Thunes, a cross-border payment
service provider, to power international naira transfers to mobile
wallets. Since the central bank of Nigeria (CBN), approved this payout process in June
2023, Smartcash PSB, which was created in 2022, becomes one of the first
financial services companies to offer naira payouts to wallets.
This partnership will allow Smartcash PSB clients to
receive inward remittances from nations all around the world directly into
their Smartcash accounts by just sharing their phone numbers, which can also
function as account numbers. Funds can also be sent at no cost to the recipient
and accessed through the Smartcash agent network.
The managing director, Smartcash PSB, Muyiwa
Ebintami, mentioned that the service is set to solve another challenge of
receiving funds from family and fiends abroad adding: “it helps those
financially excluded by providing a hassle free and efficient solution for
individuals in the diaspora looking for ways 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,” he remarked.
Asma Ben Gamra, Thunes' Vice President of Network
Development, Middle East and Africa, 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." Nigeria, with a population of 224 million and a big worldwide
diaspora, is one of the world's top remittance markets, with $20.9 billion paid
in during 2022, according to the World Bank."
Smartcash, which was launched in 2022, improved
access to financial services and the digital economy for unbanked communities.
It has one of the most rapid economies. It is one of the country's fastest
growing digital wallet providers, with tens of millions of account holders.
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