Smartcash Payment Service Bank Limited (Smartcash PSB) has partnered with Thunes, a cross-border payments infrastructure provider, 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 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. Funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
Muyiwa Ebitanmi, Managing Director, Smartcash PSB, said that the service is set to solve another challenge with receiving funds from family and friends abroad adding: “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,” he remarked.
Asma Ben Gamra, Vice President of Network Development, Middle East and Africa at Thunes, adds: “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.”
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,.
The Central Bank of Nigeria granted the Payment Service Bank (PSB) license to entities and investors who seek to comply with its policies and obtain its objective, to enhance financial inclusion by increasing access to deposit products, payments and remittance services to individuals, small businesses, low-income households and other financially excluded entities.