Global digital money transfer leader, WorldRemit has signed a strategic deal with Nigeria’s first and leading mobile money company, Paga to roll out international digital money transfers in Nigeria. The deal will see WorldRemit’s customers around the world send money to Nigeria seamlessly and instantly.
WorldRemit is expanding its service offering beyond bank transfer and airtime top-up to include mobile money service. The partnership with Paga will allow WorldRemit customers in over 50 countries to send money directly from their phones to 11 million Paga mobile money accounts in Nigeria. This means that Nigerians living overseas can send money securely to relatives and friends in Nigeria using the WorldRemit app or website.
Recipients will then be able to transfer funds from their Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, settle bills, and pay for 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 store their funds in their Paga accounts.
WorldRemit had previously concluded such partnership in other African countries like Ghana, among others, where it has consistently worked to meet market demands including the unbanked and underbanked. The introduction of international transfers to mobile-to-mobile accounts in Nigeria supports WorldRemit’s commitment to financial inclusion in the country, where nearly 40 percent of the adults are unbanked.
This new partnership with Paga will further strengthen WorldRemit’s footprint in Africa. The company’s mobile-first, digital model saves customers time and money as they do not have to visit an agent to send money home. The convenience of this service has led more people to adopt digital money transfers. International transfers to Paga mobile money wallets via WorldRemit will be instant.
With about 15 million Nigerians living abroad, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.
Speaking on the partnership, Chief Commercial Officer at WorldRemit, Tamer El-Emary said “Paga and WorldRemit share a commitment to making life easier for Nigerians 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.”
“At Paga, we are committed to making money transfers seamless and convenient. Our partnership with WorldRemit is a further example of our commitment to making it easy to send and receive money digitally. 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,” said Tayo Oviosu, Founder & CEO of Paga.
Mobile Money is an electronic wallet service that’s available in over 80 countries. It works on smartphones and basic feature phones offering a good alternative to bank accounts.
Since its launch in 2009, Paga has been recognized by the World Bank and International Monetary Fund as the fastest-growing Agent Network for its role in driving financial inclusion in Nigeria. Paga is the country’s widest-reaching mobile money company, with over 14,000 agents across nearly 36 states, and is committed to making it easy for people to send and receive money digitally.
Last year, after a $10 million raise, Paga announced plans to expand into new global territories and introduce new partnerships and products to the market.