Sterling Bank taps Thunes to compete for Nigeria’s $20bn remittance flows

Sterling Bank, a tier-2 Nigerian commercial bank with a market capitalisation of ₦396 billion ($276.9 million), has partnered with global B2B cross-border payments infrastructure company, Thunes, to enable easier international money transfers for Nigerians living abroad. The deal integrates Sterling Bank into Thunes’ Direct Global Network to enable faster and more transparent transfers from multiple European markets directly into Sterling Bank accounts.

The collaboration aims to address the frictions associated with cross-border payments, including slow settlement times and high exchange rates. For many in the diaspora, remittances have become a regular commitment for family upkeep and utilities: the Nigerian diaspora remitted over $20 billion in 2024, an increase of 9% on 2023. This surge highlights the need for infrastructure that can match the urgency of these transactions.

“Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders,” Daniel Parreira, Senior Vice President of Sales – Africa at Thunes, said. “ This alliance demonstrates our ongoing dedication to making global money movement instant, transparent, and accessible for all.” 

This marks Thune’s latest deal with a major Nigerian bank: in 2023, the company partnered with Access Bank to facilitate cross-border payments across its African subsidiaries.

For Sterling Bank, the partnership aligns with its growth and innovation in its product suite. In September 2025, the Nigerian lender reported that its homegrown core banking application (CBA), SEABaaS, processed two billion transactions within a year, without downtime. By connecting directly with Thunes, Sterling can offer diaspora remittance services that better compete with digital wallets and fintech players that have already integrated cross‑border offerings.

In November 2025, MTN’s MoMo Payment Service Bank (MoMo PSB) inked a partnership with Thunes to enable Nigerians to receive international funds from the USA, UK, Canada, France, Australia, and other key markets in real-time through mobile wallets. 

These partnerships point to a competitive landscape where banks, mobile money platforms, and fintechs are racing to offer a more seamless cross‑border payment experience to their users. As demand for such services grows amid the diaspora community, Sterling Bank is positioning itself to capture a larger share of these formal inflows by ensuring its own account holders have an alternative to third-party remittance apps.

“With Thunes’ trusted technology, we’re giving our customers a faster, more reliable, and more affordable way to fund their Sterling Bank accounts from their foreign bank accounts. It’s a major step forward in improving the experience for our diaspora community,” Ayodeji Saba, Head, Switch & Remittances at Sterling Bank, said.