Smartcash PSB teams up with Thunes for remittances in Naira

By Delisha Fernandes

Smartcash Payment Service Bank Limited (Smartcash PSB) has partnered with Thunes, a cross-border payments infrastructure provider, to introduce international remittances in naira to mobile wallets.

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, “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.”

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.

Asma Ben Gamra, Vice President of Network Development, Middle East and Africa at Thunes, said, “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. Thunes has deep experience supporting banks and digital wallets to enable cross-border payments seamlessly, transparently and in real-time.”

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.