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Smartcash Payment Service Bank (PSB), a subsidiary of Airtel Networks Nigeria, has joined forces with Simba Pay Limited, a subsidiary of MFS Africa, to introduce an inbound international remittance service that allows customers to receive money from foreign sources.
With this inward international remittance service, Smartcash PSB customers can instantly receive funds from overseas directly into their Smartcash accounts by sharing their phone numbers, which also serve as their account numbers.
This strategic collaboration is aimed at simplifying the process of receiving remittances, offering a hassle-free and efficient option for individuals and families in the diaspora who want to send money quickly to their loved ones in Nigeria.
Muyiwa Ebitanmi, the Managing Director of Smartcash PSB, expressed his enthusiasm for this new service, highlighting its potential to address a significant challenge faced by those excluded from traditional banking channels.
Ebitanmi stated, “With cross-border transfers, Smartcash has brought unprecedented convenience and speed to international remittances, making it easier than ever for Nigerians to enjoy seamless transactions on a global scale through their Smartcash accounts. We are confident that 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.”
The introduction of the SmartCash PSB International Remittances Service coincides with Smartcash’s one-year service milestone, marking a significant innovation for the Nigerian payment service bank market.
By offering a fast, cost-effective, and secure solution for international remittances, SmartCash PSB empowers Nigerians to effortlessly support their families and loved ones, regardless of geographical boundaries.
Established in 2022 in response to the increasing need for the unbanked population to access banking services conveniently, Smartcash PSB obtained its PSB license from the Central Bank of Nigeria. This license allows it to expand access to deposit products, payments, and remittance services for individuals, small businesses, low-income households, and other underserved entities, in line with the Central Bank’s objectives.
As Smartcash Payment Service Bank and Simba Pay Limited embark on this transformative partnership, it is expected to reshape the landscape of international remittances, offering Smartcash customers a seamless and efficient way to receive funds from abroad. This initiative holds the potential to boost financial inclusion and economic growth in Nigeria.
Martin Mbonu, Director (MNOs) at MFS Africa, highlighted how this partnership simplifies international money transfers for customers, stating, “This product offers a new level of convenience and efficiency, providing users with a faster and more accessible way to receive funds from the diaspora, and we are glad to be a part of this solution-centric initiative.”
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