Nigeria’s Paga has partnered Worldremit, an international digital money transfer service, to further provide international digital money transfer options for Nigerians.
This new service is expected to curtail the high cost of transferring money across borders in Africa and expands WorldRemit’s presence in Nigeria. The remittance company already offers direct transfer to bank accounts in Nigeria and remote airtime top up.
With this partnership, Nigerians in diaspora can now use the WorldRemit app or website to send money quickly and securely to Paga users in Nigeria.
International transfers via Worldremit are instant and transfers of up to N1 million naira can be made at once.
Once received, recipients can then transfer funds from their Paga wallets to other users of Paga wallets or to their bank accounts for cash withdrawal as well as carry out other financial transactions such as payment of bills and airtime top-up.
The introduction of international transfers to Paga mobile money accounts in Nigeria supports WorldRemit’s commitment to financial inclusion in the country, where nearly 47% of the adults are unbanked.
Choosing Paga for this partnership just seems right as the startup is the country’s widest reaching mobile money company, with over 14,000 agents operating in nearly 36 states. And with a diaspora of 15 million Nigerians living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy.
Infact, in 2018 alone the World Bank estimates that Nigeria received $26 billion in remittances, making it the largest recipient in Africa. Hence a good ground for Worldremit’s offer.
“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.”
Tayo Oviosu, Founder & CEO of Paga.
This partnership is the latest by Worldremit to deepen its African operation. In January, it unveiled plans to expand deeper into Ethiopia and South Africa as it aims to have 10 million customers by next year.