In a groundbreaking move, Sterling Bank, one of Nigeria’s leading commercial banks, has joined forces with Thunes, a Singapore-based global payment infrastructure provider, to enhance cross-border payments for Nigerians living abroad.
This collaboration, announced on January 9, 2026, aims to simplify and accelerate remittance processes, addressing long-standing challenges faced by the Nigerian diaspora in sending money home.
The Challenges of Cross-Border Payments for Nigerians Abroad
For years, Nigerians in the diaspora have grappled with high fees, slow transaction times, and limited access to reliable payment channels when transferring funds to their families back home.
Sterling Bank and Thunes are stepping in to tackle these issues by integrating Sterling into Thunes’ Direct Global Network, enabling near-instant transfers with greater transparency.
A Historical Perspective on Nigerian Remittances
Remittances from the Nigerian diaspora have historically played a critical role in the country’s economy, contributing over $20 billion annually in recent years, according to World Bank data.
However, inefficiencies in the global payment system have often diminished the value of these funds through exorbitant costs and delays, impacting recipients who rely on this income for daily needs.
The Impact of the Sterling Bank-Thunes Partnership
This partnership is poised to transform the landscape by offering a cost-effective and seamless solution, ensuring that more money reaches Nigerian households without unnecessary deductions.
With Thunes’ extensive network spanning over 100 countries, Nigerians abroad, especially in key regions like Europe and North America, will benefit from real-time transfers directly into Sterling Bank accounts.
Looking Ahead: The Future of Remittances in Nigeria
Industry experts believe this collaboration could set a precedent for other Nigerian banks to adopt similar technologies, potentially leading to a digital remittance revolution in Africa’s largest economy.
The partnership also aligns with broader efforts by the Central Bank of Nigeria to boost financial inclusion and stabilize foreign exchange inflows through legitimate channels.
As Sterling Bank and Thunes continue to innovate, the Nigerian diaspora can look forward to a future where sending money home is as simple as a few clicks, with maximum value delivered to loved ones.
Andrew Lee
