Thunes Partners with MoMo PSB to Enable Instant Cross-Border Payments into Nigeria
A new partnership between Singapore-based global payments leader Thunes and MoMo PSB, the fintech subsidiary of MTN Nigeria, is set to revolutionise how Nigerians receive money from abroad. Starting this week, Nigerians can receive international transfers instantly into their MoMo wallets from countries including the US, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa—with immediate access to spend the funds.
No bank queues, no slow clearance windows, and no intermediary cash-out agents. Funds received on MoMo can be used instantly for airtime, bills, transfers, and everyday transactions.
A Crowded Remittance Market — But a Unique Advantage
Nigeria’s remittance industry is booming, with inflows hitting $20.9 billion in 2024, a 9% increase from the previous year. Players like LemFi, SendCash, Africhange, Wise, and WorldRemit dominate the space, but Thunes says this new corridor is fundamentally different.
According to Aik Boon Tan, Chief Network Officer at Thunes, the major advantage lies in removing unnecessary intermediaries.
“Many players sit in different parts of the value chain. Thunes and MoMo form a direct settlement corridor with MTN as the receiving entity. By removing the intermediary layers, this corridor delivers real advantages.”
The partnership creates what Tan describes as a “single-hop international route”, money moves directly from the sender to the MoMo wallet, resulting in real-time settlement and greater reliability.
Real-Time Transfers That Make a Real Difference
During soft-launch tests, the benefits became clear. In one case, a sender in South Africa transferred funds through a Thunes-connected partner, and the recipient in Nigeria received the money within seconds.
The recipient could immediately use the funds for routine MoMo transactions no delays, no need to withdraw cash, and no reliance on slower bank transfers.
For millions of Nigerians, this speed is more than convenience. When emergencies arise or urgent payments like rent or school fees are due, instant access can be life-changing.
MoMo PSB: Expanding Financial Inclusion Through Global Connectivity
MoMo PSB is one of Nigeria’s largest mobile money ecosystems, backed by MTN’s nationwide reach. Its services span payments, savings, insurance, merchant transactions, and now, seamless global remittances.
CEO Phrase Lubega says joining the Thunes Direct Global Network aligns with MoMo’s mission to deepen financial inclusion:
“Millions of Nigerians can now receive funds from friends, family, and professional networks abroad instantly and securely. MoMo PSB can provide a cost-effective, transparent, and reliable way for users to access global financial flows.”
Thunes’ Global Network: Connecting 7 Billion Accounts
Thunes operates a Direct Global Network covering 130+ countries and 80 currencies, connecting more than 7 billion mobile wallets and bank accounts worldwide. Its strategy focuses on enabling the next billion users in emerging markets to participate fully in the global digital economy. With Nigeria’s rapidly expanding fintech landscape and massive mobile wallet adoption, the country is a key frontier in that global mission.
Conclusion
The Thunes–MoMo PSB partnership marks a significant milestone in Nigeria’s remittance and mobile money sectors. By offering real-time, secure, and direct international transfers, the collaboration enhances financial access, boosts user convenience, and positions Nigeria at the forefront of digital payments innovation in Africa.
As global remittances continue to grow, this new corridor could redefine how millions of Nigerians connect to financial opportunities worldwide.
