#Thunes #Johannesburg #South Africa #Cross-Border Payments #Absa Group

Enhancing Cross-Border Payments in Africa

In a significant move for the financial services landscape across Africa, Absa Group, one of the continent's leading financial services entities, has recently expanded its collaboration with Thunes, a global payments network known for its reliability and extensive reach. This partnership aims to provide world-class cross-border payment solutions that will enable faster and more efficient transactions throughout the region.

With the integration of Thunes' Multicurrency Clearing capabilities, Absa is set to transform its cross-border payment strategy. The partnership builds upon their previous success with the launch of Absa Global Pay in South Africa, which showcased the effective combination of Absa's established banking operations and Thunes' impressive payment network.

The new collaboration underscores a strategic evolution in how cross-border payments are processed in Africa. By connecting Absa's extensive banking network directly with Thunes' Direct Global Network, which covers over 140 countries and supports 90 currencies and more than 220 payment methods, the partnership aims to simplify transactions. Clients will enjoy seamless payouts to both bank accounts and mobile wallets, alongside strengthened liquidity and compliance measures.

Richard Southey, Managing Executive Payments as a Service at Absa CIB, highlighted the benefits of this deepened alliance, stating, "This collaboration not only enhances our services but also cements our commitment to providing top-tier financial solutions. With the success witnessed from our Global Pay initiative, we believe this expanded partnership will cultivate unprecedented speed, cost-effectiveness, and flexibility in currency choice for our clients."

Thunes' Senior Vice President for Africa, Daniel Parreira, also expressed enthusiasm about the collaboration's potential. He stated, "Our initial partnership with Absa demonstrated how combining local banking expertise with a robust global payment system can create profound impacts. By advancing our collaboration and fulfilling a strategic Multicurrency Clearing role, we are facilitating better connections for African businesses with global payment networks."

The official announcement was marked by a signing ceremony held at SIBOS 2026 in Miami, where both organizations' leaders convened to celebrate this pivotal moment in enhancing Africa's financial ecosystem.

A Broader Impact on African Economies

This deepened partnership comes at a crucial time when the need for efficient financial systems is more prominent than ever, especially as economic activities expand across borders in Africa. The collaboration not only serves individual clients but overall economic growth, facilitating trade and commerce across the continent.

By optimizing foreign exchange processes and integrating innovative technologies into cross-border transactions, Absa and Thunes are laying down a framework that caters to both personal and business banking needs. This signifies a forward-thinking approach towards fostering an interconnected financial landscape in Africa.

Looking Ahead

As Absa and Thunes are set to implement these advanced payment solutions, both organizations underscore the importance of sustained innovation and strategic collaboration. Their combined strengths will undoubtedly support the evolving needs of consumers and businesses alike, establishing a smoother and more reliable payment system across the region.

By continuing to leverage each other’s capabilities, Absa and Thunes are poised to redefine the future of cross-border payments in Africa, ultimately empowering businesses and providing consumers with more choices and enhanced financial solutions.