Smartcash Payment Service Bank (PSB), a subsidiary of Airtel Networks Nigeria, has entered into partnership with Simba Pay Limited, a subsidiary of MFS Africa for inward International Remittance Services, which is designed to enable customers receive money instantly from abroad into their Smartcash PSB Account
This partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash accounts, by simply sharing their phone numbers, which also serve as their account numbers.
In today’s interconnected world, where global transactions are becoming increasingly common, Smartcash PSB has said it recognizes the need for a secure and efficient solution for its customers.
Managing Director, Smartcash PSB, Muyiwa Ebitanmi, while commenting on the newly launched inward international remittance services, said it is set to solve another challenge with receiving funds from family and friends abroad for the financially excluded, by providing a hassle-free and efficient solution for individuals and families in the diaspora looking to send money quickly to their loved ones in Nigeria.
“With cross-border transfers, Smartcash has brought unprecedented convenience and speed to international remittance, making it easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts.
“We are certain 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,” Mr Ebitanmi remarked.
Speaking on the partnership, Martin Mbonu, Director (MNOs) MFS Africa ,while expressing his enthusiasm for the launch, said, “We are excited to partner with Smartcash PSB on this launch as it visibly simplifies international money transfers for customers. 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,” he said.
As Smartcash hits its one-year service milestone, the launch of the SmartCash PSB International Remittances Service marks a significant innovatory for both the company, its customers and the Nigerian payment service bank market at large. By providing a fast, affordable, and secure solution for international remittances, SmartCash PSB is empowering Nigerians to effortlessly support their families and loved ones, regardless of geographical boundaries.
Smartcash PSB was launched in 2022, following the need for the unbanked to access banking activities at their convenience. For this reason, the Central Bank of Nigeria granted the 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.