Remittance firm WorldRemit has teamed up with Nigerian mobile money firm Paga to facilitate international money transfers.
The Nigerian diaspora resides in more than 50 countries such as the US, UK, Australia as well as Canada.
These people can now make remittances to over 11 million Paga users in Nigeria instantly through the WorldRemit app or website.
According to World Bank data, Nigeria bagged $26bn in remittances last year and is the largest recipient in Africa.
Recipients can withdraw the funds as cash through Paga’s agent network.
Currently, Paga has more than 14,000 agents in around 36 states.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
They can also transfer the money from their Paga wallets to other Paga wallet users or bank accounts.
Recipients can use the funds to top-up mobile airtime and also make bill payments.
Paga, launched in 2009, received $10m investment last year.
The firm intends to embark on a global expansion, make new alliances and offer new products.
WorldRemit said: “The new partnership will considerably grow WorldRemit’s footprint in Nigeria, expanding the company’s service offering from bank transfer and airtime top-up to include mobile money.
“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% of the adults are unbanked.”