Sterling Bank’s partnership with global payments network Thunes marks a strategic push into Nigeria’s fast-growing remittance market, estimated to be worth over $20 billion annually. As diaspora inflows remain one of the country’s most stable sources of foreign exchange, the deal positions Sterling to capture a larger share of cross-border money transfers while strengthening its digital banking credentials.
Remittances play a critical role in Nigeria’s economy, supporting household consumption, education, healthcare, and small businesses. However, the market has long been dominated by international money transfer operators and a handful of fintechs. By tapping Thunes’ extensive global network—which connects banks, mobile wallets, and payment systems across more than 130 countries—Sterling Bank gains instant access to key remittance corridors in North America, Europe, the Middle East, and Africa.
The partnership is expected to improve speed, cost, and reliability for inbound and outbound transfers. Customers sending money into Nigeria can benefit from faster settlement times and more competitive exchange rates, while recipients gain seamless access to funds through Sterling’s accounts and digital channels. This is particularly significant at a time when regulators and consumers alike are pushing for more transparent and efficient cross-border payments.
For Sterling Bank, the move aligns with its broader digital transformation strategy. Rather than building costly international infrastructure from scratch, the bank is leveraging Thunes’ APIs and compliance-ready rails to scale quickly. This allows Sterling to focus on customer experience, value-added services, and tailored products for Nigerians at home and in the diaspora. Over time, the bank could layer on offerings such as diaspora savings accounts, investment products, and SME trade solutions linked to remittance inflows.
The deal also reflects intensifying competition between traditional banks and fintechs in Nigeria’s payments space. As fintechs have set new standards for convenience and pricing, banks are increasingly responding through partnerships rather than outright competition. By working with Thunes, Sterling signals its intent to remain relevant in a market where cross-border payments are becoming more digital, real-time, and platform-driven.
Ultimately, Sterling Bank’s entry into the remittance race underscores a larger shift in Nigeria’s financial sector: access to global payment networks is no longer optional. Banks that can connect Nigeria efficiently to the world stand to benefit not only from transaction fees, but from deeper, longer-term relationships with millions of Nigerians whose financial lives span borders.
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