MoMo Payment Service Bank (MoMo PSB), which is MTN Nigeria’s fintech branch, has formed a strategic relationship with Thunes. Thunes is a global cross-border payments platform. This partnership will enable MoMo PSB customers to receive international remittances instantly from major worldwide markets.

The agreement greatly expands MoMo’s remittance reach. It allows inflows from nations including the United States, the United Kingdom, Canada, France, Australia, Saudi Arabia, Israel, and South Africa. This connection means MoMo’s 2.7 million Nigerian customers can now receive funds straight into their mobile wallets. Transactions are completed in real time. Customers can then use these funds for common transactions like airtime recharge, bill payments, peer-to-peer transfers, and digital commerce.

Thunes’ infrastructure facilitates instantaneous transactions across over 130 countries and more than 80 currencies. It links users to an extensive network of local wallets, neobanks, and financial institutions. The collaboration enhances the amount and velocity of international monetary transfers into Nigeria. Remittance inflows into Nigeria increased by 9% in 2024, reaching $20.9 billion, as reported by the World Bank.

“This alliance makes it possible for Nigerians to receive money from abroad instantly, securely and conveniently,” said Aik Book Tan, Chief Network Office at Thunes. “It allows more people to access the global economy. This gives them control over their finances while opening a vast and growing market to our network members.”

Read also

According to Phrase Lubega, CEO of MoMo PSB, the integration furthers the company’s objective to increase financial inclusion. “Joining the Thunes Direct Global Network enables us to fulfill our commitment. We are bringing global remittances directly to users’ fingertips,” he noted.

He further stated: “Thunes’ comprehensive cross-border payments network ensures that our consumers may access global financial movements in a reliable, transparent, and cost-effective manner.”

Thunes is headquartered in Singapore and operates from 14 global offices. It connects over seven billion wallets, 15 billion cards, and more than 320 payment methods. These include GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, and WeChat Pay.

ALSO WATCH MARKETING EDGE ONTV