A mobile international payment network, TerraPay has announced that its partnership with MoneyTrans, a leading Money Transfer company established in Europe and Africa as well as Paga, Nigeria’s pioneering payments and financial services company, to launch cross-border remittances from Spain to mobile wallets in Nigeria.
Nigerians in Spain can now send money to any phone mobile number in Nigeria through Paga, just by visiting the nearest MoneyTrans store. 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.
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.
The mobile based cross-border remittance service has been launched in Spain and will be also be launched in Belgium, France and Italy in the coming weeks.