Thunes, a global leader in cross-border payments, has announced a significant partnership with Sterling Bank, a prominent Nigerian commercial bank. This collaboration is set to revolutionize how Nigerians living abroad send money home, introducing a faster and more accessible remittance service. The alliance aims to streamline financial support for families and enhance economic connections for the extensive Nigerian diaspora, which is estimated to include 17 million people living and working worldwide.
Addressing a Critical Need for the Diaspora
With millions of Nigerians residing overseas, the demand for reliable and efficient financial channels back home is at an all-time high. A recent study by Thunes underscores this reality, revealing that nearly half of diaspora consumers in Europe view sending money as an essential financial duty, comparable to paying rent. This regular flow of funds is crucial for supporting families and managing personal finances from afar, highlighting the urgent need for modernized payment solutions.
Historically, cross-border remittances have been plagued by delays, high fees, and a lack of transparency, creating uncertainty for both senders and receivers. This new initiative directly confronts these challenges by offering a dependable and straightforward alternative. The partnership is designed to provide the Nigerian diaspora with the peace of mind that their financial support reaches its destination quickly and securely, fostering stronger connections to home.
Leveraging a Global Network for Local Impact
The new service is powered by Thunes' extensive Direct Global Network, a sophisticated infrastructure designed for instant international money movement. Sterling Bank will integrate this technology to launch the enhanced payment capability, initially targeting multiple markets across Europe. This strategic rollout provides Nigerians abroad with a consistent and dependable method for transferring funds directly to their home country, bypassing traditional complexities.
For both new and existing customers, this partnership translates into tangible benefits, primarily the ability to receive seamless, real-time cross-border payments. This eliminates common delays, offering greater financial stability and oversight for recipients in Nigeria. Account holders can now have their Sterling Bank accounts funded directly from foreign bank accounts, simplifying financial management for the entire diaspora community and their families.
A Strategic Vision for Empowerment
Leaders from both organizations emphasized the partnership's commitment to enhancing customer experience and financial inclusion. Daniel Parreira, SVP of Sales for Africa at Thunes, highlighted the collaboration as a milestone in the company's African expansion and a testament to its trusted infrastructure. He noted that the alliance delivers a new level of convenience, speed, and confidence for customers managing their finances globally.
Echoing this sentiment, Ayodeji Saba, Head of Switch & Remittances at Sterling Bank, described the initiative as a reflection of the bank's dedication to its diaspora customers. He stated that Thunes' technology provides a more reliable and affordable way for Nigerians abroad to support their families. This move represents a significant step forward in improving the overall banking experience for this vital and globally connected community.
Setting a New Standard for African Remittances
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 serves as a powerful example of how fintech innovation can effectively address long-standing challenges in cross-border financial flows and support economic development.
The initiative aligns with Thunes' overarching mission to integrate the next billion users from emerging markets into the global economy. By empowering individuals with better financial tools, the partnership fosters greater economic oversight and more effective spending. This focus on community empowerment and financial inclusion is poised to have a lasting positive impact on Nigeria's economic stability and growth.
In conclusion, the strategic alliance between Thunes and Sterling Bank marks a pivotal moment for cross-border payments into Nigeria. The partnership directly addresses the needs of the vast Nigerian diaspora by providing a fast, transparent, and dependable remittance solution. This collaboration not only enhances financial connectivity but also reinforces the critical role of technological innovation in fostering global economic inclusion and community empowerment.