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MoMo PSB Partners with Thunes to Revolutionize Cross-Border Money Transfers in Nigeria
Enhancing International Remittance Access for Nigerian Users
MoMo Payment Service Bank (MoMo PSB), the fintech arm of MTN Nigeria-the country’s leading mobile network operator-has formed a strategic alliance with Thunes, a prominent global B2B platform specializing in cross-border payments. This collaboration empowers MoMo PSB’s users to receive international remittances instantly, streamlining access to funds sent from abroad.
Expanding Reach to Key Global Markets
Through this partnership, MoMo PSB significantly broadens its international remittance network, enabling seamless receipt of funds from major economies such as the United States, United Kingdom, Canada, France, Australia, Saudi Arabia, Israel, and South Africa. This expansion caters to the growing demand for fast, reliable cross-border financial services among Nigerians.
Empowering Everyday Financial Transactions
With approximately 2.7 million active users, MoMo PSB now offers real-time access to international funds, facilitating everyday activities like purchasing airtime, settling utility bills, transferring money to relatives, and engaging in digital commerce. This instant availability of funds enhances financial convenience and supports the digital lifestyle of Nigerian consumers.
MoMo PSB’s Role in Nigeria’s Digital Financial Ecosystem
As a member of Thunes’ Direct Global Network, MoMo PSB delivers a comprehensive suite of digital financial services, including payments, insurance, e-commerce, and remittances. Leveraging MTN’s extensive mobile infrastructure, MoMo PSB provides millions of Nigerians with secure, scalable, and user-friendly digital financial solutions, driving financial inclusion across the country.
Thunes’ Global Network: Connecting Wallets and Financial Institutions Worldwide
Thunes’ Direct Global Network links local wallets, neobanks, and financial institutions across more than 130 countries, supporting real-time transfers in over 80 currencies. This vast network enables MoMo PSB users to receive remittances swiftly and securely, while facilitating the inflow of global capital into Nigeria’s burgeoning digital economy.
Boosting Nigeria’s Remittance Inflows Amid Economic Growth
According to the latest World Bank figures, Nigeria’s remittance inflows increased by 9% in 2024, reaching an impressive $20.9 billion. This upward trend underscores the critical role of international money transfers in supporting Nigerian households and fueling economic development.
Leadership Perspectives on the Partnership
Aik Boon Tan, Chief Network Officer at Thunes, emphasized, “This partnership enables Nigerians to receive funds from overseas instantly, securely, and with ease. It broadens access to the global economy, empowering individuals to manage their finances effectively while opening new opportunities for our network partners.”
Phrase Lubega, CEO of MoMo PSB, added, “By joining Thunes’ Direct Global Network, we reaffirm our dedication to financial inclusion. This collaboration ensures our users benefit from reliable, transparent, and cost-efficient cross-border payments, allowing them to fully engage in Nigeria’s expanding digital economy.”
Thunes’ Global Footprint and Technological Reach
Headquartered in Singapore with 14 offices worldwide, Thunes connects over 7 billion wallets, 15 billion cards, and supports more than 320 payment methods, including popular platforms like GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, and WeChat Pay. Its infrastructure serves a diverse clientele, from gig economy platforms and super-apps to fintech companies, payment service providers, and banks.
Setting New Benchmarks for Real-Time International Remittances
The collaboration between MTN’s MoMo PSB and Thunes is pioneering a new era of instant cross-border money transfers in Nigeria. By providing Nigerians with immediate access to global funds, this partnership not only enhances financial inclusion but also promotes broader economic participation across the nation.
