Mobile-first international payment network, TerraPay has launched cross-border remittances from Spain to mobile wallets in Nigeria through a partnership with money transfer & payment companies, MoneyTrans and Paga.
The partnership will allow Nigerians living in Spain to send money to any mobile phone number in Nigeria through Paga, just by visiting the nearest MoneyTrans store.
The recipient can cash out from the more than 11,000 Paga agents scattered across Nigeria or make card-less withdrawal from ATMs. Also, recipients can use the money to pay bills, buy airtime or send the money to any other phone number or bank account in Nigeria.
“We are happy to collaborate with TerraPay and MoneyTrans in enabling secure transfers between Spain and Nigeria, the first of several important remittance corridors we will be launching together,” said Jay Alabraba, Paga’s co-founder.
He added, “By combining Paga’s extensive reach with the proven capabilities of TerraPay and MoneyTrans in the international remittance space, we are bringing to market a seamless and easy-to-use facility for Nigerians at home and in the diaspora.”
In 2015, the World Bank stated remittances received in Nigeria stood at US$21 billion. This new service will further give cross border remittances into the country a fillip.