WorldRemit set to bring better money transfers to Nigeria

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  • Payment provider increases its reach in Sub-Saharan Africa through a key partnership
  • Paga has over 11 million users
  • “Our partnership with WorldRemit is a further example of our commitment to making it easy to send and receive money digitally”, says Paga boss

 

Leading international money transfers provider WorldRemit has announced a partnership with a major Nigerian firm.

WorldRemit, which already offers money transfer services and cross-border payments in many nations around the world, including Nigeria, will provide additional services in the important African economy by partnering with Paga.

The firms’ joint offering will make it easier for Nigerian immigrants living abroad in more than 50 countries to transfer cash to Paga users.

Paga, which is also a mobile money firm, has more than 11 million users – meaning that the joint user base will be quite large.

Payments to a Paga account can be used for all sorts of purposes, ranging from standard bank account transfers to ATM withdrawals and in-shop payments.

According to the World Bank and the International Monetary Fund, Paga is the fastest-growing “agent network” and it is playing an important part in increasing access to cash in Nigeria.

In a statement, WorldRemit pointed out the extent to which online money transfer systems are particularly important to Nigeria.

“With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy”, it said.

 

“The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.”

 

The Founder and CEO of Paga, Tayo Oviosu, said that they were “making it easy” for cash to cross borders.

 

“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”, Oviosu said.

 

“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.”

 

It’s been a busy week for partnerships on the money transfer scene, and the link-up of WorldRemit and Paga is merely another example of firms trying to meet customer demand in tandem. However, the significance of this decision is particularly great given the location in which it’s happening. Nigeria is a growing economy, and it’s one of the most important nodes in the burgeoning financial system in Sub-Saharan Africa. Given that millions of users around the world will now find it easier to send and receive money to this hotspot, the challenges facing financial inclusion here have been chipped away at a little further.

 

To learn more about what WorldRemit is up to on the money transfer scene, check out previous news articles in our magazine.


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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