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.
Spotify podcast listeners set to surpass Apple podcast for the first time in 2021
Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.
The number of Spotify’s podcast listeners will surpass Apple’s listeners this year. According to a report by eMarketer, 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts. This shift will come on the heels of the expected 41.3% in 2021.
Apple was the de facto destination for podcasts for a long time, but in recent years, it has not kept up with Spotify’s pace of investment and innovation in podcast content and technology.
By putting podcasts and music in one app, Spotify became the convenient one-stop-shop for everything digital audio. Unlike Apple that has a different app for podcasts instead of offering a well-integrated experience with music and podcasts in one app.
This shift made more people stick to Spotify for the sheer experience of streaming music and also listening to a podcast on the same platform. Other music streaming services like Amazon, Pandora, etc. also have the seamless experience of enjoying podcasts and music on the same App.
According to the report, Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.
Overall, there will be 117.8 million overall monthly podcast listeners in 2021, a 10.1% year-over-year (YoY) increase. This year, podcast listeners will represent 53.9% of monthly digital audio listeners, surpassing 50% for the first time.
We anticipate that more audio listeners will start listening to podcasts monthly, leading to a 60.9% share by 2024.
This year, $1.28 billion will be spent on podcast advertising, surpassing $1 billion for the first time, representing a 41.0% YoY increase. Podcast advertising is continuing to gain a share of total digital audio ad spending, representing 24.0% in 2021.
What you should know
- Last week, Spotify announced that it will be expanding its service to 85 new markets including Nigeria.
- This new expansion came with other upcoming features and products like the paid podcast subscriptions that will allow creators to publish paid podcast content aimed at their most dedicated fans.
- Spotify is also partnering with WordPress to add a new integration to its platform similar to Clubhouse. This integration will make it easier for bloggers to turn their posts into podcasts, either by reading the blog posts themselves or leveraging third-party text-to-speech technology
Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines
Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.
Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.
The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.
Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.
“They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.
Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.
“Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.
Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.
In case you missed it
- Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
- About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.
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