Smartcash Payment Service Bank Limited (Smartcash PSB) has collaborated with Thunes, a supplier of cross-border payment infrastructure, to facilitate international naira transfers to mobile wallets.
Since the Central Bank of Nigeria approved this payout mechanism in June 2023, Smartcash PSB has become one of the first financial service companies to offer naira payouts to wallets.
Customers of Smartcash PSB will be able to receive inward remittances from nations all over the world immediately into their Smartcash accounts by simply sharing their phone numbers, which also function as account numbers.
Funds are transmitted quickly and at no cost to the recipient, and they can be retrieved through 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 established in 2022 to provide unbanked people with easier access to financial services and the digital economy. It is one of the country’s fastest growing digital wallet providers, with tens of millions of account holders.
The Payment Service Bank (PSB) license was granted by the Central Bank of Nigeria to entities and investors who seek to comply with its policies and achieve its goal of increasing financial inclusion by increasing access to deposit products, payments, and remittance services to individuals, small businesses, low-income households, and other financially excluded entities.
