- WorldRemit Partners Paga to Deepen Growth
WorldRemit has partnered Nigeria’s Paga to enhance its international digital money transfer reach in Nigeria and across the world.
The partnership is expected to reduce the cost of remitting money to Nigeria and ease the money transfer process for Nigerians abroad. WorldRemit already offers transfer to local bank accounts and airtime-top up in Nigeria.
However, Nigerians in the diaspora can now remit fund using WorldRemit app or website to send money to Paga users in Nigeria. While receivers can equally transfer funds from the Paga wallets to other Paga users or straight to their local bank accounts via their phones.
Paga is Nigeria’s largest mobile money platform, with over 14,000 agents across the country and is committed to making it easy for Nigerians abroad to send money home with zero stress.
Paga, which raised US$10 million in 2018, announced it would expand into new global territories to increase its offerings and facilitate international fund transfers.
With about 15 million Nigerians living in the US, the United Kingdom, Australia, Canada and the rest of the world, Paga and WorldRemit may just be breaking into a huge market with a yearly turnover of US$22 billion, according to World Bank’s estimates for 2017. Nigeria is the largest remittance destination in Africa.
Tayo Oviosu, the Founder & CEO of Paga, said: “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.”
Commenting on the partnership, Tamer El-Emary, the Chief Commercial Officer at WorldRemit, said: “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,” El-Emary said.