Sterling bank partners with Thunes network to ease remittances hurdles for diaspora payments into Nigeria

All about Thunes network and Sterling bank

Sterling Financial Holdings Group, Sterling Bank Limited is a full-service national commercial bank in Nigeria. Sterling bank over the course of its more than 60-year history has transformed from Nigeria’s leading investment bank to a reputable supplier of retail, business, and corporate banking services.

Thunes on the other hand is a smart superhighway for global money transfers. It has offices in 14 locations, including Atlanta, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco and Shanghai. Thunes exclusive direct global network members can make real-time payments in more than 130 countries and more than 80 currencies, through more than 320 different payment methods, including GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, Alipay, WeChat Pay HK, and many more.

Thunes’ Network directly connects to over 7 billion mobile wallets, stablecoin wallets, bank accounts, and 15 billion cards worldwide.

The bigger picture

As demand for smooth and easy remittance services keeps growing, global payments company Thunes has partnered strategically with Sterling Bank to make cross-border payments quicker and easier for Nigerians living overseas.

It is not a myth that remittances are a vital source of income for households and a major contributor to the domestic economy, as an estimated 17 million Nigerians live abroad. This collaboration will enable Sterling Bank customers and clients receive funds from foreign bank accounts through instantaneous, account-to-account cross-border transactions by integrating with Thunes’ global payments infrastructure, thereby lowering the friction typically associated with international money transfers.

A critical need at a critical time

In an effort to facilitate cross-border payments for Nigerians residing overseas, especially in Europe, the aims is to resolve ongoing issues with remittances to Nigeria, one of Africa’s biggest recipient markets, in terms of speed, transparency, and dependability.

In order to reflect demand trends among the Nigerian diaspora, the rollout will first concentrate on a number of European markets. 46% of diaspora consumers in Europe see sending money home as a regular financial obligation, on par with necessities like rent or utilities, according to research referenced by Thunes.

“The collaboration supports the company’s broader expansion strategy on the continent. Welcoming Sterling Bank to our Direct Global Network marks another milestone in our growth across Africa. Together, we are enabling greater convenience, speed, and confidence for customers managing finances across borders.” stated Daniel Parreira, Senior Vice President, Sales Africa at Thunes.

From Sterling Bank’s point of view, the collaboration is consistent with its emphasis on strengthening remittance services and expanding access for clients from the diaspora. Ayodeji Saba, Head of Switch & Remittances at Sterling Bank. “The integration allows Nigerians abroad to fund Sterling accounts more efficiently. With Thunes’ technology, we are offering a faster, more reliable, and more affordable way for our diaspora customers to send money home.”

A vision for setting new standards in Africa

This collaboration does more than just improve a single service; it signals a broader shift in the African financial landscape. By combining global payment technology with local banking expertise, the partnership sets a new benchmark for remittance services across the continent. It is a potent illustration of how fintech innovation can successfully resolve persistent issues in international financial flows and promote economic growth.

The project is in line with Thunes’ overarching goal of incorporating the next billion users from developing nations into the world economy. The partnership promotes increased economic oversight and more efficient spending by equipping people with better financial tools. Nigeria’s economic stability and growth are expected to benefit long-term from this emphasis on financial inclusion and community empowerment.

Conclusion

Thunes and Sterling Bank’s strategic partnership represents a turning point for international payments into Nigeria. By offering a quick, transparent, and reliable remittance solution, the partnership directly meets the needs of the sizable Nigerian diaspora. In addition to improving financial connectivity, this partnership highlights the vital role that technological innovation plays in promoting global economic inclusion and community empowerment.