Thunes has partnered with Sterling Bank to drive simpler access to cross-border payments for Nigerians in the diaspora.
The two companies aim to create a new standard for international payments, supporting Nigerians abroad with a faster and easier method of sending money back home to loved ones. Approximately 17 million Nigerians are currently living and working in another country, demanding faster and more transparent remittance solutions to connect to their homes.
Transforming cross-border payments for Nigerian expatriates
As Nigeria’s socio-economic ecosystem pushes citizens to search for better opportunities abroad, its diaspora has grown to become a global community, sending billions of remittances and maintaining a strong cultural footprint around the world. Countries with the highest Nigerian populations include the US, the UK, Italy, Germany, Spain, and many more.
Leveraging Thunes’ Direct Global Network, the bank can launch its improved feature across multiple European markets, offering customers abroad a more reliable way to manage funds and support their families. With this partnership, the new and existing Sterling Bank account holders can use instant payments across borders, reflecting the bank’s commitment to supporting Nigerians in sending funds home more easily and quickly.
A recent study published by Thunes shows that almost half of diaspora individuals across Europe send money back home regularly, making the service an essential financial activity, comparable to paying rent. Utilising Thunes’ technology, Sterling offers its users a more affordable way to fund their bank accounts from foreign bank accounts, taking a step towards improving the experience of the diaspora community.
The initiative reflects the two companies' shared commitment to driving financial inclusion and community support, helping individuals improve financial health while spending more efficiently. This also drives Thunes’ mission to onboard billions of end users in emerging markets into the global economy.
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