Global digital money transfer company, WorldRemit, has partnered with Nigeria’s mobile money company, Paga, to expand its presence in Nigeria. This will increase the service offering of WorldRemit.
The partnership between WorldRemit and Paga will berth international digital money transfers, while also exposing WorldRemit to a growing urban population which is over 100 million.
Why the partnership matters: 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.
Remittances play a significant role in Nigeria’s economy, thanks to about 15 million Nigerians living in such countries as the United States, the United Kingdom, Australia, Canada, etc. In 2018 for instance, Nigeria recorded an estimated $26 billion worth of remittances according to the World Bank. This placed Nigeria as the largest recipient in Africa.
Note that this partnership will include mobile money service in WorldRemit‘s portfolio. The company already offers bank transfer and airtime top-up.
How the partnership works
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.
Why WorldRemit and Paga joined forces
Both 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 (CBN) 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 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.
“With WorldRemit, customers living in over 50 countries can send money home 24/7 with a few taps from their phones. Our partnership with Paga supports financial inclusion initiatives in Nigeria by introducing a new and convenient way for people to receive money from abroad and directly into their mobile money accounts.”
For the Founder & Chief Executive Officer of Paga, Tayo Oviosu, the partnership with WorldRemit is one of several innovative methods the company intends to deploy to offer their customers better service across board.
“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.
“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.”
An Overview of Paga
Since its launch in 2009, Paga has been recognised 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.
WorldRemit Limited operates an online platform that lets people send money to friends and family living abroad. The company’s platform enables users to transfer money to countries, including the Philippines, Kenya, Nigeria, Zimbabwe, and India, as well as choose whether transfer is received as a bank deposit, cash pickup, mobile money, and airtime top-up. The company was founded in 2009 and is based in London, United Kingdom with regional offices in the United States, Canada, Australia, and New Zealand.