Smartcash PSB and Thunes partner to introduce remittances in naira
Smartcash Payment Service Bank Limited (Smartcash PSB) has partnered with Thunes, a cross-border payments infrastructure provider, to power international remittances in naira to mobile wallets.
Smartcash PSB becomes one of the first financial services providers to offer naira payouts to wallets, since the Central Bank of Nigeria approved this payout method in June 2023.
This 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. Funds are sent rapidly at no charge to the recipient and can be accessed across 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 launched in 2022 to help unbanked populations better access banking services and the digital economy. It’s one of the fastest growing digital wallets providers in the country with tens of millions of account holders.
The Central Bank of Nigeria granted the Payment Service Bank (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.
For enquiries, please contact:
Smartcash PSB:
Femi Adeniran
Director, Corporate Communications & CSR
Airtel Nigeria
E: adefemi.adeniran@ng.airtel.com
Thunes:
Headland Consultancy
E: thunes@headlandconsultancy.com
M: +44 (0)77 1782 7258 (Drew Salisbury)
About SmartCash PSB
SmartCash PSB is a leading and innovative Payment Service Bank with an overarching vision of bridging the financial divide by providing rural and urban Nigerians secured and reliable banking services as well as supporting the Central Bank of Nigeria’s (CBN) drive to ensure financial Inclusion for every Nigerian.
With its corporate headquarters in Lagos, Nigeria, SmartCash’s overarching objective is to ensure financial inclusion for everyone including persons in the furthest and remotest parts of Nigeria. Smartcash Payment Services Bank is a fully owned subsidiary of Airtel Nigeria
https://smartcashpsb.ng/about-us
About Thunes:
Thunes is a global payment innovator enabling businesses to move money in real-time and in full transparency. We empower our customers to pay and get paid by anyone, anywhere, and however they prefer, closing the gap between payment systems worldwide. With Thunes, large, medium and small companies can Accept cards, bank transfers and more than 330 alternative payment methods, and Pay over 3 billion mobile wallets and 4 billion bank accounts.
Thunes facilitates payments in more than 80 currencies across 130+ countries, using local payment methods, including 120 mobile wallets like PayPal, M-Pesa and Airtel, for gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, IMTOs, Fintechs, PSPs and banks. Headquartered in Singapore, Thunes has a presence in 13 locations, including Barcelona, Beijing, Dubai, London, Manila, Nairobi, Paris, San Francisco and Sao Paulo.
Thunes puts money in motion. For more information, visit: https://www.thunes.com/
