As part of its effort at deepening international remittances, Smartcash Payment Service Bank (PSB) Limited, a subsidiary of Airtel Nigeria in partnership with Thunes, a cross-border payments infrastructure provider, has introduced international remittance to mobile wallets.
Since the Central Bank of Nigeria (CBN) announced the inclusion of naira as a payout option for diaspora remittances in July this year, financial service providers have been entering partnerships to facilitate this.
In August, MoMo PSB also signed a partnership agreement with Saana Capital LLC a licensed International Money Transfer Operator (IMTO) to facilitate seamless inbound and outbound transfers across Africa.
The company said the 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.
According to the PSB, funds are sent rapidly at no charge to the recipient and can be accessed across the Smartcash agent network.
Speaking on the new service, the Managing Director of Smartcash PSB, Muyiwa Ebitanmi, said the service is set to solve another challenge with receiving funds from family and friends abroad.
“This 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,” he said in a statement released by the company.
Commenting on the partnership, Vice President of Network Development, Middle East and Africa at Thunes 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.”
