• Thursday, February 29, 2024
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SmartCash PSB, Simba Pay partner to enable customers receive money from abroad

Explainer: What are Payment Service Banks?

Smartcash Payment Service Bank (PSB), a subsidiary of Airtel Networks Nigeria, has partnered with Simba Pay Limited, a subsidiary of MFS Africa, to launch an inward international remittance service that allows customers to receive money from foreign accounts.

The inward international remittance allows Smartcash PSB customers to receive money instantly from abroad directly into their Smartcash accounts by simply sharing their phone numbers, which double as their account numbers.

The strategic partnership aims to streamline the process of receiving remittances, providing a hassle-free and efficient option for individuals and families in the diaspora looking to send money swiftly to their loved ones in Nigeria.

Muyiwa Ebitanmi, the Managing Director of Smartcash PSB, expressed his excitement about this new service, saying it would address a significant challenge faced by those financially excluded from traditional banking channels.”

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Ebitanmi noted, “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.”

The introduction of the SmartCash PSB International Remittances Service coincides with Smartcash’s one-year service milestone. This marks a significant innovation not only for the company and its customers but also for the Nigerian payment service bank market as a whole.

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 established in 2022 in response to the growing need for the unbanked population to access banking services at their convenience.

The Central Bank of Nigeria granted the PSB license to entities and investors committed to complying with its policies and objectives, particularly enhancing financial inclusion by expanding access to deposit products, payments, and remittance services for individuals, small businesses, low-income households, and other financially underserved entities.

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, thereby bolstering financial inclusion and economic growth in Nigeria.

Martin Mbonu, Director (MNOs) at MFS Africa, emphasising how it simplifies international money transfers for customers said, “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.”