By Modupe Gbadeyanka
Users of Smartcash Payment Service Bank Limited will now be able to receive international remittances in naira to mobile wallets.
This has been made possible through the company’s collaboration with a cross-border payments infrastructure provider, Thunes, making Smartcash PSB one of the first financial services providers to offer naira payouts to wallets since the Central Bank of Nigeria (CBN) approved this payout method in June 2023.
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 wallet providers in the country with tens of millions of account holders.
The CBN granted the 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.
Speaking on the partnership, the Managing Director of Smartcash PSB, Mr Muyiwa Ebitanmi, said the service is set to solve another challenge with receiving funds from family and friends abroad, noting that, “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.
Commenting, the Vice President of Network Development, Middle East and Africa at Thunes, Ms Asma Ben Gamra, said, “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.”
With the collaboration, Smartcash PSB’s customers will receive inward remittances from countries worldwide directly into their 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.
