Sterling Bank Partners Thunes to Chase Nigeria’s $20bn Remittance Market
Sterling Bank, a tier-2 Nigerian lender with a market capitalisation of ₦396 billion ($276.9 million), will now offer faster and more transparent international transfers, a segment increasingly shaped by expectations of speed, clarity on fees, and reliable settlement.
Targeting Friction in Cross-Border Payments
The partnership is designed to address persistent challenges in cross-border payments, particularly slow processing times and unfavourable exchange rates. For Nigerians in the diaspora, remittances are no longer occasional transactions but routine financial commitments tied to family support, education, utilities, and living expenses.
In 2024, Nigerians abroad sent home more than $20 billion, representing a 9 per cent increase from the previous year. The continued growth of these flows has intensified pressure on banks and payment providers to deliver infrastructure capable of handling time-sensitive transactions at scale.
Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders, said Daniel Parreira, Senior Vice President of Sales for Africa at Thunes. This alliance demonstrates our ongoing dedication to making global money movement instant, transparent, and accessible for all.
Thunes Deepens Its Nigerian Banking Footprint
The Sterling Bank agreement is the latest in a series of partnerships between Thunes and major Nigerian financial institutions. In 2023, the company worked with Access Bank to support cross-border payments across the lender’s African subsidiaries.
More recently, in November 2025, MTN’s MoMo Payment Service Bank partnered with Thunes to allow Nigerians to receive international transfers in real time through mobile wallets from countries including the United States, the United Kingdom, Canada, France, and Australia.
These deals underscore Thunes’ growing role as a backbone for cross-border payments into Nigeria, spanning traditional banks, mobile money operators, and digital-first platforms.
Strengthening Sterling Bank’s Product Strategy
For Sterling Bank, the partnership aligns with its broader push toward technology-led product differentiation. In September 2025, the bank disclosed that its proprietary core banking application, SEABaaS, processed two billion transactions within a year without any recorded downtime, a milestone it cited as evidence of operational resilience.
By integrating directly with Thunes’ global network, Sterling Bank is positioning itself to compete more effectively with fintechs and digital wallets that already dominate parts of the remittance experience. The move allows the bank to offer diaspora customers a direct alternative to third-party remittance apps while keeping funds within its own ecosystem.
Read More: How Nigeria Plans to Use Banks and Fintechs to Recover Tax Debt
Competition Intensifies for Diaspora Inflows
The Nigerian remittance landscape is becoming increasingly competitive, with banks, fintechs, and mobile money platforms racing to deliver faster, cheaper, and more seamless cross-border services. As diaspora inflows continue to rise, formal channels are under pressure to improve user experience and retain customer loyalty.
Sterling Bank’s strategy appears focused on capturing a larger share of these inflows by reducing reliance on intermediaries and ensuring account holders can receive funds directly from foreign bank accounts.
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, said Ayodeji Saba, Head of Switch and Remittances at Sterling Bank. It’s a major step forward in improving the experience for our diaspora community.
