Abayomi Susan
MTN’s MoMo Payment Service Bank (MoMo PSB) has announced a strategic partnership with the global cross-border payments platform Thunes to facilitate instant international money transfers into Nigeria.
The collaboration will revolutionize international remittances for millions of Nigerians with faster, more secure, and convenient cross-border payments.
Through the partnership, MoMo PSB customers can receive money from major international markets, including the USA, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa. Received funds can be used immediately for everyday needs such as buying airtime, paying bills, sending money to family and friends, and participating in digital commerce.
MoMo PSB, a fintech arm of Nigeria’s MTN, has joined Thunes’ Direct Global Network. This connection enables real-time, cross-border payments for its users through a network of local wallets and banks, advancing financial inclusion and expanding Nigeria’s digital finance ecosystem.
World Bank data shows a 9% increase in remittance inflows to Nigeria in 2024, totaling $20.9 billion. The new partnership is strategically positioned to support and accelerate this positive trend.
Aik Boon Tan, chief network officer at Thunes, said, “This partnership makes it possible for Nigerians to receive money from abroad instantly, securely, and conveniently. It empowers people to manage their finances without friction while giving our members streamlined access to a rapidly growing market.”
Phrase Lubega, Chief Executive Officer of MoMo PSB, commented on the strategic integration, noting that it enables the delivery of global remittances directly to their user base. He credited Thunes’ robust payments network for allowing MoMo PSB to offer a cost-effective, reliable, and transparent service for international funds, which will enhance financial inclusion across Nigeria.
This strategic advancement reinforces MoMo PSB’s standing as a premier digital financial services provider in Nigeria, delivering comprehensive payments, e-commerce, and remittance solutions to a widespread user base, anytime and anywhere.
