Smartcash PSB Partners with Thunes for International Naira Remittances

Smartcash Payment Service Bank Limited (Smartcash PSB) has teamed up with Thunes, a leading provider of cross-border payments infrastructure, to facilitate international remittances in naira to mobile wallets. With this partnership, Smartcash PSB is among the pioneering financial services providers to offer naira payouts to wallets following the approval of this payment method by the Central Bank of Nigeria in June 2023.

This collaboration will allow Smartcash PSB’s clients to receive remittances from countries across the globe directly into their Smartcash accounts. Customers need only share their phone numbers, which double as their account numbers, to receive funds swiftly and without charge. The funds can be accessed across the Smartcash agent network.

A Solution for the Financially Excluded

Muyiwa Ebitanmi, Managing Director of Smartcash PSB, voiced his excitement over the service, which he believes will address some of the challenges associated with receiving funds from abroad. He said, “It assists those financially excluded by offering a hassle-free and efficient solution for individuals in the diaspora wishing to send money quickly to their loved ones in Nigeria.”

Ebitanmi further noted that the service will not only improve the financial health of their customers but also contribute to the economic growth and spending capacity of Smartcash account holders in Nigeria.

Simplifying Transactions for Nigerians Abroad

Asma Ben Gamra, Vice President of Network Development, Middle East and Africa at Thunes, highlighted that their partnership with Smartcash PSB aims to simplify transactions for millions of Nigerians living in the US, Europe, and beyond. This partnership will make it easier for them to support their families back home.

With a population of 224 million and a substantial international diaspora, Nigeria is one of the largest markets for remittances globally. In 2022 alone, the country received $20.9 billion in remittances, according to the World Bank.

Smartcash PSB: Enhancing Financial Inclusion

Smartcash PSB was initiated in 2022 to aid the unbanked populations in gaining better access to banking services and the digital economy. It has since grown into one of the fastest expanding digital wallets providers in the country, boasting tens of millions of account holders.

The Central Bank of Nigeria issued the Payment Service Bank (PSB) license to investors and entities that adhere to its policies and aim to achieve its goal of enhancing financial inclusion. This move aims to increase access to deposit products, payments, and remittance services for individuals, small businesses, low-income households, and other financially excluded entities.