Smartcash PSB, a leading payment service bank, has united with Thunes, a cross-border payments infrastructure provider, to power international remittances in naira to mobile wallets
Launched in 2022, Smartcash PSB intends to help unbanked populations better access banking services and the digital economy. It already has tens of millions of account holders and is one of the fastest growing digital wallet providers in Nigeria.
With this step, Smartcash PSB becomes one of the first financial services providers to offer naira payouts to wallets, since the Central Bank of Nigeria approved the 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.
Muyiwa Ebitanmi, managing director, Smartcash PSB, commented, “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."
Asma Ben Gamra, vice president of network development, Middle East and Africa at Thunes, addsed. “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 US$20.9bn 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.”
Most Read
Latest news
More Articles
![This agreement will enhance DTB’s digital strategy in Kenya, addressing increasing demand for digital payments. (Image source: Network International) Jamie Loden from DTB and Dr Reda Helal from Network International](/images/IMG_7508.JPG_1.webp#joomlaImage://local-images/IMG_7508.JPG_1.webp)
This agreement will enhance DTB’s digital strategy in Kenya, addressing increasing demand for digital payments. (Image source: Network International)
![Zoho partners with She Code Africa to upskill African women in tech through intensive training in low-code development via the Young Creators Program. (Image source: Adobe Stock)](/images/AdobeStock_485932346.webp#joomlaImage://local-images/AdobeStock_485932346.webp)
Zoho partners with She Code Africa to upskill African women in tech through intensive training in low-code development via the Young Creators Program. (Image source: Adobe Stock)
![SEACOM celebrates its 15th anniversary, highlighting its impact on Africa's ICT and connectivity with milestones in subsea cable and fibre services. (Image source: Adobe Stock)](/images/AdobeStock_435023180.webp#joomlaImage://local-images/AdobeStock_435023180.webp)
SEACOM celebrates its 15th anniversary, highlighting its impact on Africa's ICT and connectivity with milestones in subsea cable and fibre services. (Image source: Adobe Stock)
![Cofinity Group, Inc. partners with leading African data centre providers, enhancing Africa's digital infrastructure and driving economic growth. (Image source: Adobe Stock) Data Center With Multiple Rows of Fully Operational Server Racks](/images/AdobeStock_267083342.webp#joomlaImage://local-images/AdobeStock_267083342.webp)
Cofinity Group, Inc. partners with leading African data centre providers, enhancing Africa's digital infrastructure and driving economic growth. (Image source: Adobe Stock)
![PalmPay was recognised in CNBC/Statista's "Top 250 Fintech Companies in the World" list, highlighting its role in advancing financial inclusion in Africa. (Image source: Adobe Stock)](/images/AdobeStock_322561917.webp#joomlaImage://local-images/AdobeStock_322561917.webp)
PalmPay was recognised in CNBC/Statista's "Top 250 Fintech Companies in the World" list, highlighting its role in advancing financial inclusion in Africa. (Image source: Adobe Stock)
![Network International extends partnership with EGBANK to enhance ATM acquiring services and drive digital payment transformation in Egypt. (Image source: Network International) Signing cenremony](/images/EGBxNI_resized.webp#joomlaImage://local-images/EGBxNI_resized.webp)
Network International extends partnership with EGBANK to enhance ATM acquiring services and drive digital payment transformation in Egypt. (Image source: Network International)
![Schneider Electric and IXAfrica launch East Africa’s largest hypercloud data center, ‘NBOX1’, with cutting-edge tech and sustainable design. (Image source: IXAfrica) NBOX1 Data centre](/images/IX_Africa_DC1.webp#joomlaImage://local-images/IX_Africa_DC1.webp)
Schneider Electric and IXAfrica launch East Africa’s largest hypercloud data center, ‘NBOX1’, with cutting-edge tech and sustainable design. (Image source: IXAfrica)
![VOX Solutions partners with Orange Burkina Faso to combat messaging fraud and artificial traffic inflation through secure A2P message transmission and the VOX-3. (Image source: Adobe Stock) smartphone with connected dots sphere](/images/AdobeStock_822208430.webp#joomlaImage://local-images/AdobeStock_822208430.webp)
VOX Solutions partners with Orange Burkina Faso to combat messaging fraud and artificial traffic inflation through secure A2P message transmission and the VOX-3. (Image source: Adobe Stock)
![Gamze Aydin, senior vice-president of sales and South Africa country manager at Avanti. (Image source: Avanti Communications) Headshot of Gamze Aydin](/images/Avanti_Comms.webp#joomlaImage://local-images/Avanti_Comms.webp)
Gamze Aydin, senior vice-president of sales and South Africa country manager at Avanti. (Image source: Avanti Communications)
![The introduction of 5G technology is anticipated to bring numerous benefits to the people of Egypt, including increased capacity for seamless connectivity in densely populated areas. (Image source: Adobe Stock) 5G innovation](/images/Nokia.webp#joomlaImage://local-images/Nokia.webp)
The introduction of 5G technology is anticipated to bring numerous benefits to the people of Egypt, including increased capacity for seamless connectivity in densely populated areas. (Image source: Adobe Stock)
![The new 5G towers can connect up to 10,000 users and offer speeds at least ten times faster. (Image source: Adobe Stock) 5G tower for connectivity](/images/AdobeStock_352827466.webp#joomlaImage://local-images/AdobeStock_352827466.webp)
The new 5G towers can connect up to 10,000 users and offer speeds at least ten times faster. (Image source: Adobe Stock)
![MTN Group hosted Nigeria's NIPSS delegation in Johannesburg, fostering collaboration on digital technology, youth empowerment, and job creation. (Image source: MTN Group) Leaders gathered at NIPSS](/images/MTN_1.webp#joomlaImage://local-images/MTN_1.webp)
MTN Group hosted Nigeria's NIPSS delegation in Johannesburg, fostering collaboration on digital technology, youth empowerment, and job creation. (Image source: MTN Group)