Nigerians in diaspora can now remit money home in Naira by direct transfer into bank accounts using Paymenta.
The product which launches yesterday in Lagos is a collaboration between fintech companies, VAS2Nets, DSSC, Glo Currency, Supersonicz Money Transfer, Amal Express, Tawakal Express and First City Monument Bank
DSSC is the aggregator of Authorized Payments Services providers as it deploys the infrastructure alongside VAS2Nets to allow the flow of digital transactions into Nigeria.
VAS2Nets, licensed by the CBN as a Payment Solution Service Provider (PSSP) is also forming an alliance with Global Currency being authorized as a Payment Institution (API) by the United Kingdom Financial Conduct Authority and the Central Bank of Nigeria to terminate diaspora money transfer to Nigeria.
The partnership aims to and is working on introducing a fully digital flow of money, supporting the government’s agenda of financially and socially including citizens of Nigerians.
FCMB has been identified as a reliable partner to deliver these services to Nigerians at home, with its vast retail branch network, adoption of technology and vision to deepen financial inclusion in Nigeria.
“Nigerians in Diaspora can send money to their loved ones in local currency by direct deposit into accounts, making it easy to draw from any ATM, cash pick up from any of FCMB branches closest to their location, including other payment options,” Mr. Ayo Stuffman, Managing Director, VAS2Nets Technologies said.
He noted that the remittance and use of money service is a prelude to more digital payment projects that the stakeholders are working on to support the improvement in living standards for Nigerians and especially the underserved.
Speaking on the benefits of Paymenta, Mr. Grateful Agbechoma, Business Operations Manager, VAS2Nets said the major and positive impact will be the digitalization of the sent money on consumption, savings, or investment.
“In addition to aiding financial inclusion for the underserved, it’s an indispensable tool for regulators especially the Government to monitor solutions as well as participate in the financial chain end to end. Digitalizing remittances saves cost as the receiver pays nothing to claim the funds unlike other remittance options. It’s very convenient and seamless,“ he said.
Another benefit of Paymenta, according to the partnering companies, is that it helps tackle money laundering as it tracks money inflow.
“Our state-of-the-art money transfer solution manages and automates the Government’s strict ‘Know Your Customer’ (KYC) policy and compliance rules. The license received from the Central Bank of Nigeria for inward remittance into Nigeria provides an opportunity for Glo Currency to serve the remittance needs of millions of Nigerian in the Diaspora, connecting them to their loved ones in Nigeria (both banked and unbanked),” Kazeem Busari, Director of Glo Currency, UK, said.