Smartcash Payment Service Bank (PSB) Ltd, a subsidiary of Airtel Africa says it is partnering with Thunes, a cross-border payment infrastructure provider to power international remittances in Naira to mobile wallets.
Mr. Muyiwa Ebitanmi, Managing Director, Smartcash PSB, made the disclosure in a statement on Tuesday in Lagos.
Ebitanmi said that by the development, the digital bank had become one of the first financial services providers to offer Naira payouts to wallets, since the Central Bank of Nigeria (CBN) approved the payout method this past June.
He explained that the partnership would 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.
He added that funds were sent rapidly at no charge to the recipient and could be accessed across the Smartcash agent network.
The managing director further said that the service was set to solve another challenge with receiving funds from family and friends abroad.
“It 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,” Ebitammi said.
Similarly, Asma Gamra, Vice President, Network Development, Middle East and Africa at Thunes said that the partnership was aimed at simplifying transactions for millions of Nigerians in the US, Europe and beyond, thereby making it easier for them to support their families back home.
Gamra said that with a population of about 224 million and an extensive international diaspora, Nigeria was one of the world’s largest markets for remittances, with 20.9 billion dollars, paid in during 2022 according to the World Bank.
He said that Thunes had 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 is one of the fastest growing digital wallets providers in the country with tens of millions of account holders.
CBN 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 among others.
