By Joy Agwunobi.
Smartcash Payment Service Bank, a wholly-owned subsidiary of Airtel Nigeria, said its customers can now receive international transfers directly into their mobile wallets.
Business A.M learnt that this remittance feature is made possible through partnership with Thunes, a cross-border payments infrastructure provider. With this new service, Smartcash customers will have an easier and more convenient way to receive money from abroad.
According to Smartcash, the partnership with Thunes will allow its customers to receive international remittances from any country around the world seamlessly into their Smartcash accounts by simply sharing their mobile phone numbers, which will also serve as their account numbers. Once the sender has the recipient’s phone number, money can be credited to the recipient’s account instantly, with no fees or commissions required.
Speaking on the new innovative service,Muyiwa Ebitanmi, the managing director of Smartcash PSB, said the service is set to solve another challenge with receiving funds from family and friends abroad.
“This solution will help those who have been excluded from traditional banking services by providing a hassle-free and efficient way for individuals in the diaspora to send money quickly to their loved ones in Nigeria,” he explained.
He emphasised that the service will be particularly beneficial for those who do not have access to traditional banking services or for those who need to send money quickly and easily to their loved ones in Nigeria.
Ebitanmi also expressed his excitement at the partnership with Thunes, noting that it brings unprecedented convenience and speed to international remittances. This, he explained, makes it easier than ever for Nigerians to enjoy seamless cross-border transactions at a global scale via their Smart Cash accounts.
According to Ebitanmi, the service will not only improve the financial health of customers, but it will also help to stimulate economic growth and spending power for Smartcash account holders in Nigeria by making it easier to send and receive money internationally.
Asma Ben Gamra, vice president of Network Development, Middle East and Africa at Thunes, noted that the partnership with Smartcash PSB is designed to simplify financial transactions for millions of Nigerians in the US, Europe, and beyond.
Citing a World Bank report, Gamra pointed out that Nigeria, with a population of over 224 million and a large international diaspora, is one of the world’s largest markets for remittances. According to the report, $20.9 billion was remitted to Nigeria in 2022. This makes it an important market for financial services providers like Thunes and Smartcash PSB.
