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Partners introduce remittances in naira

Funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network. (Image source: Adobe Stock)

Smartcash PSB, a leading payment service bank, has partnered with Thunes, a cross-border payments infrastructure provider, to power international remittances in naira to mobile wallets

Launched in 2022, Smartcash PSB intends to help unbanked populations better access banking services and the digital economy. It already has tens of millions of account holders and is one of the fastest growing digital wallet providers in Nigeria. 

With this step, Smartcash PSB becomes one of the first financial services providers to offer naira payouts to wallets, since the Central Bank of Nigeria approved the payout method in June 2023.

This partnership 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. 

Muyiwa Ebitanmi, managing director, Smartcash PSB, commented, “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, 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 at Thunes, addsed. “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 US$20.9bn 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.”