WorldRemit is an online money transfer service that provides international remittance services to migrant communities around the world. The company's new strategic partnership with Paga, a mobile payment platform that allows its users to transfer money and make payments through their mobile devices, will allow WorldRemit customers in over 50 countries to send money directly to 11 million Paga mobile money accounts in Nigeria.
Since it's launch in 2009, Paga has been recognized 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 digitally send and receive money. Last year, after raising $10 million in funding, Paga announced plans to expand into new global territories and introduce new partnerships and products to the market.
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 adult population is unbanked.
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. The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.
WorldRemit chief commercial officer Tamer El-Emary said: “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.”
The agreement is the latest in a series of deals struck to allow WorldRemit to increase the scope of operations in target countries. In January, it unveiled expansion deeper into Ethiopia and South Africa as it continues to chase a target of 10 million customers by next year.
WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. International transfers to Paga mobile money wallets via WorldRemit will be instant. Recipients will then be able 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 store their funds in their Paga accounts.