With this collaboration, Smartcash Payment Service Bank Limited (Smartcash PSB) is one of the first financial services providers to offer naira payouts to wallets, following the Central Bank of Nigeria’s approval of the payout method in June 2023.
Per the press release information, the partnership is set to 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 account numbers. Funds are sent in an expedited manner and free of charge to the recipient and can be accessed across the Smartcash agent network. The service looks to solve the challenge of receiving funds from family and friends abroad and helps those financially excluded by providing a simple and efficient solution for individuals in the diaspora seeking to send money quickly to their loved ones in Nigeria.
More to this point, Thunes representatives advised that the partnership with Smartcash PSB looks to simplify transactions for millions of Nigerians in the US, Europe, and beyond, making it easier for them to support their families back home. According to World Bank information, with a population of 224 million and an extensive international diaspora, Nigeria is amongst the largest markets for remittances, with USD 20.9 billion paid in during 2022. Within this context, the spokesperson said that Thunes has deep experience supporting banks and digital wallets to enable cross-border payments in a simplified, transparent, and real-time manner.
Smartch PSB officials said that they are looking forward to collaborating with Thunes on cross-border transfers that bring convenience and speed to international remittances, making it increasingly easy for Nigerians to benefit from simplified transactions at a global scale through their Smartcash accounts. Per their statement, the service is not only set to better the financial well-being of the company’s customers but also contribute to the economic growth and spending capacity of Smartcash account holders in the region.
The announcement further highlights that Smartcash PSB was launched in 2022 to help unbanked populations better access digital banking services and the digital economy and is one of the fastest-growing digital wallet providers in the region, having tens of millions of account holders. What is more, the Central Bank of Nigeria granted the Payment Service Bank (PSB) license to those entities and investors seeking to be compliant 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.
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