International remittances in Naira to mobile wallets are now powered by Thunes, a cross-border payments infrastructure provider, in collaboration with Airtel Nigeria’s subsidiary Smartcash Payment Service Bank Limited (Smartcash PSB).
One of the first financial services companies to enable naira payouts to wallets is Smartcash PSB, which debuted in 2022. The Central Bank of Nigeria approved this payout mechanism in June 2023.
Through this collaboration, customers of Smartcash PSB will be able to receive inward remittances from all countries directly into their Smartcash accounts by just providing their phone numbers, which also function as account numbers. The recipient receives funds quickly and at no cost, and they are accessible from anywhere in the Smartcash agent network.
The service is expected to address another issue with receiving money from family and friends overseas, according to Muyiwa Ebitanmi, Managing Director of Smartcash PSB. She continued, “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 thrilled to collaborate with Thunes on cross-border transfers, which offer never-before-seen speed and convenience to international remittances, enabling Nigerians to benefit from seamless transactions on a global scale through their Smartcash accounts more easily than ever. In addition to enhancing our clients’ financial security, this service will increase the nation’s economy and the purchasing power of Smartcash account holders,” he added.
“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,” said Asma Ben Gamra, vice president of network development at Thunes, Middle East and Africa.
“Nigeria, which has 224 million people living there and a sizable diaspora abroad, is one of the biggest remittance markets in the world, with $20.9 billion expected to be sent there in 2022, according to the World Bank. In order to facilitate cross-border payments in a smooth, transparent, and instantaneous manner, Thunes has extensive expertise in assisting banks and digital wallets.”
