• Thursday, February 29, 2024
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WorldRemit taps Paga in push for Nigeria’s $26b remittance market

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Digital money transfer company, WorldRemit has teamed up with Nigeria’s first mobile money firm, Paga, to make it easier for the Nigerian diaspora living in over 50 countries to send money quickly and securely back home.

The partnership is expected to considerably grow WorldRemit’s footprint in Nigeria’s remittance market. It also allows the company to expand its feature products from bank transfer and airtime top-up to include mobile money.

Paga currently has over 11 million customers using its mobile services. This aligns with WorldRemit’s mobile first, digital model that saves customers time and money as they do not have to visit a physical branch of any financial institution.

“Paga and WorldRemit share a commitment to making life easier for Nigerians sending and receiving money,” says Tamer El-Emary, chief commercial officer at WorldRemit in a statement sent to BusinessDay. “Our partnership represents a new milestone for WorldRemit as we expand our service offering in Nigeria to include mobile money, a technology that has been transformational for communities across Africa.”

An estimated 15 million Nigerians live in countries including the United States, the United Kingdom, Australia and Canada. These Nigerians contributes a major share of the total $26 billion in remittances which play a huge role in the economy of the country.

The statement from WorldRemit noted that international transfers to Paga mobile money wallets via WorldRemit will be instant. Recipients will also be able to transfer funds from the Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, and pay for bills and groceries at shops businesses that accept Paga payments. Customers will also be able to withdraw money as cash at Paga agent locations, perform cardless withdrawals at select ATMs or store their funds in their Paga accounts.

“Our partnership with WorldRemit is a further example of our commitment to making it easy to send and receive money digitally,” Tayo Oviosu, founder and CEO of Paga said. “Many Nigerians in the diaspora support members of their family living in Nigeria, and often times these family members may be depending on that stipend to survive.

“Using WorldRemit’s website, Nigerians in the diaspora can send money home to family and friends using the mobile phone number of the recipient. The money will be instantly credited to a Paga wallet for the recipient and available for immediate use on Paga. This is just one of the many ways we are making life possible for Nigerians at home and abroad.”