WorldRemit, a global digital money transfer company, has partnered with Paga, a Nigerian mobile money company, to expand its presence in Nigeria.
The partnership, which will encourage international digital money transfers, will also expose WorldRemit to a growing urban population which is over 100 million.
The collaboration will afford WorldRemit‘s customers in over 50 countries to send money directly from their phones to 11 million Paga mobile money accounts in Nigeria.
There are about 15 million Nigerians living abroad, so remittances play a significant role in Nigeria’s economy. In 2018, Nigeria recorded an estimated $26 billion worth of remittances, a feat which placed the country as the largest recipient in Africa.
The deal will increase the service offering of WorldRemit, as the company which already offers bank transfer and airtime top-up services, will also provide mobile money services.
WorldRemit’s mobile-first digital model eliminates the need to visit a brick and mortar agent to send money to Nigeria. International transfers to Paga mobile money wallets via WorldRemit will be instant.
This will enable recipients to transfer funds from their Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, and pay for bills and groceries at shops and 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 simply store their funds in their Paga accounts.
The companies said the partnership was formed to create seamless money transfer, financial transaction and drive financial inclusion which falls in line with the Central Bank of Nigeria’s goal to serve the underbanked communities.
According to Tamer El-Emery, the Chief Commercial Officer at WorldRemit, “Paga and WorldRemit share a commitment to making life easier for Nigerians and sending and receiving money. 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”.
The Founder & Chief Executive Officer of Paga, Tayo Oviosu, said the partnership with WorldRemit is one of several innovative methods the company intends to deploy to offer their customers better service across board.