Sterling Bank Partners Thunes to Capture Nigeria Remittance Opportunity

Money sent home tells a deeper story than numbers. For millions of Nigerians living abroad, remittances represent responsibility, connection, and economic lifelines. As these flows continue to grow, financial institutions are racing to modernise how money crosses borders. Sterling Bank has now stepped firmly into that race.

The Nigerian commercial lender has partnered with Thunes, a global business to business cross border payments infrastructure company. The collaboration allows Nigerians abroad to send money faster and more transparently into Sterling Bank accounts. At stake is Nigeria’s vast remittance market, valued at over 20 billion dollars annually.

This move signals Sterling Bank’s intent to compete aggressively for diaspora flows while strengthening its digital banking capabilities.

Why Remittances Matter More Than Ever

Remittances are no longer occasional transfers. For many households, they fund rent, school fees, healthcare, and daily expenses. In 2024 alone, Nigerians in the diaspora remitted more than 20 billion dollars. That figure represented a nine percent increase from the previous year.

Such growth reflects rising dependence on international transfers. It also exposes persistent challenges. Slow settlement times frustrate senders. Hidden fees erode value. Exchange rate inefficiencies reduce purchasing power at home.

As remittance volumes rise, the need for robust infrastructure becomes urgent. Banks that can deliver speed, transparency, and reliability stand to gain trust and market share.

Inside the Sterling Bank and Thunes Partnership

Through the partnership, Sterling Bank is now integrated into Thunes Direct Global Network. This network connects financial institutions across multiple regions and currencies. For Sterling customers, it means funds can move directly from several European markets into local accounts.

Transfers are faster. Settlement is clearer. Visibility improves for both sender and recipient.

Thunes brings global reach and technical expertise. Sterling Bank brings local understanding and customer relationships. Together, they aim to remove friction from international money movement.

Daniel Parreira, Senior Vice President of Sales for Africa at Thunes, described the collaboration as a step toward greater convenience and confidence. According to him, the alliance reinforces Thunes commitment to instant and accessible global payments.

Sterling Bank Strategy in a Competitive Landscape

Sterling Bank operates as a tier two Nigerian commercial bank with a market capitalisation of about 396 billion naira. In recent years, it has focused on innovation across its product suite.

The Thunes partnership aligns with that strategy. Rather than rely solely on third party remittance apps, Sterling Bank is strengthening its own rails. This approach allows the bank to retain customer relationships while improving service quality.

In September 2025, Sterling Bank announced that its homegrown core banking application, known as SEABaaS, processed two billion transactions within a year. Notably, this was achieved without downtime. That milestone demonstrated the bank’s operational resilience.

By connecting SEABaaS to Thunes global infrastructure, Sterling Bank enhances its ability to compete with fintechs and digital wallets that already offer cross border services.

Thunes Growing Footprint in Nigeria

The Sterling deal marks another expansion for Thunes within Nigeria. In 2023, the company partnered with Access Bank to facilitate cross border payments across African subsidiaries.

More recently, in November 2025, MTN MoMo Payment Service Bank also partnered with Thunes. That agreement enabled Nigerians to receive international funds from countries such as the United States, United Kingdom, Canada, France, and Australia through mobile wallets.

These partnerships highlight Thunes growing influence within Africa’s payments ecosystem. They also show how banks and mobile money platforms are converging around similar infrastructure to serve diaspora needs.

Banks Versus Fintechs in the Remittance Race

Nigeria’s remittance space is increasingly competitive. Fintech startups built early momentum with app based experiences and transparent pricing. Mobile money platforms added scale and accessibility.

Banks are now responding. Rather than cede ground, institutions like Sterling Bank are modernising from within. By integrating directly with global payment networks, they reduce dependency on intermediaries.

This shift benefits customers. Account holders can receive funds directly without routing through third party apps. Costs can be lower. Settlement can be faster.

As demand grows, the lines between banks, fintechs, and mobile money providers continue to blur.

What the Partnership Means for Customers

For Sterling Bank customers in the diaspora, the impact is practical. Funds can be sent from foreign bank accounts straight into Sterling accounts. Transfers are more reliable. Pricing becomes clearer.

Ayodeji Saba, Head of Switch and Remittances at Sterling Bank, described the partnership as a major step forward. According to him, Thunes trusted technology enables faster and more affordable funding options for diaspora customers.

This focus on experience matters. Diaspora users value certainty. They want money to arrive on time and in full. Any delay can affect families and obligations.

By improving this experience, Sterling Bank strengthens loyalty among a critical customer segment.

The Bigger Picture for Nigeria

Beyond individual banks, improved remittance infrastructure has macroeconomic benefits. Formal inflows support foreign exchange stability. They also improve transparency and regulatory oversight.

When funds move through formal channels, the broader financial system benefits. Banks can deepen relationships. Policymakers gain better visibility. Consumers enjoy safer transactions.

Sterling Bank’s move contributes to this ecosystem. It signals confidence in Nigeria’s diaspora economy and its long term potential.