OKORO CHINEDU in Lagos ,Nigeria LAGOS, (CAJ News) – NIGERIANS in Spain can now send money back home thanks to the launch of cross-border remittances between the two countries.
TerraPay, a mobile-first international payment network, MoneyTrans, a leading money transfer company established in Europe and Africa and Paga, Nigeria’s pioneering payments and financial services company, have clinched the partnership.I
t will enable Nigerians in the European country send money to any mobile phone number in Nigeria through Paga.
Ambar Sur, Founder and Chief Executive Officer of TerraPay, said Nigeria presented a wide array of opportunities for companies like TerraPay, as the country was the biggest remittances receiver in Africa.
Nigeria is ranked sixth among the top remittance-receiving countries in the world. In 2015, the World Bank pegged remittances received in Nigeria at $21 billion.
“This partnership with MoneyTrans and Paga will play a pivotal role in cross border remittances in Nigeria, helping to reduce fees, improve speed and provide convenience for users,” said Sur.
Following the partnership, the recipient can withdraw money from more than 11 000 Paga agents across Nigeria or make card-less withdrawal from ATMs.
The recipient can also use the money to pay bills, buy airtime or send the money to any other phone number or bank account in Nigeria, among other services.
Jay Alabraba, Co-founder Paga said by combining Paga’s extensive reach with the proven capabilities of TerraPay and MoneyTrans in the international remittance space, the partners were bringing to market a seamless and easy-to-use facility for Nigerians at home and in the Diaspora.
The launch in Spain will be followed by launches in Belgium, France and Italy in the coming weeks.