Thunes and MoMo PSB Enable Instant Cross-Border Payments for Nigerians

Easier and Faster: Cross-Border Remittances for Nigerians

Nigerians are witnessing a significant change in the way they handle international money transfers, thanks to a groundbreaking partnership between Thunes, a leading global payments network, and MoMo PSB, Nigeria's largest mobile network operator's digital finance platform. This alliance allows millions of Nigerians to receive money from abroad instantly, thereby providing a solution to the long-standing challenges associated with remittances.

A New Era in Remittances

With this partnership, MoMo PSB users can collect funds from several key international markets, including the US, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa, all in real-time. This instant payment feature is poised to reshape the financial landscape for many Nigerians who depend on remittances from family and friends residing abroad.

The efficiency of this system means that users can utilize the funds for daily expenses, whether for buying mobile airtime, paying bills, or engaging in e-commerce. The collaboration between Thunes and MoMo PSB not only addresses the need for speed but also ensures secure transactions, enhancing customer confidence in cross-border payments.

Financial Inclusion and Economic Participation

As part of their mission, Thunes aims to bring access to the global economy for the next billion users in emerging markets. This partnership is a vital step toward promoting financial inclusion in Nigeria. Reports indicate that remittance flows into the country increased by 9% in 2024, amounting to an impressive $20.9 billion, underscoring the critical role that remittances play in Nigeria’s economy.

Aik Boon Tan, Chief Network Officer at Thunes, emphasized that this partnership not only facilitates instant and secure fund transfers but also empowers users to manage their financial activities without hassle. By connecting with MoMo PSB, Thunes is opening doors to a vast and untapped market while ensuring seamless payment experiences.

MoMo PSB: Bridging Gaps in Digital Finance

MoMo PSB is committed to delivering accessible digital financial services to Nigerians. Being a member of Thunes' Direct Global Network, it offers a comprehensive suite of services, including remittances, bill payments, and other digital transactions. This provides users with unmatched convenience and flexibility in accessing their funds.

Phrase Lubega, the CEO of MoMo PSB, remarked on the transformative potential of this collaboration. With global remittances now just a click away, millions can receive funds instantly and securely, enhancing their ability to participate in Nigeria's burgeoning digital economy. This initiative also strives to promote financial literacy and transparency, critical components in building a more inclusive financial ecosystem.

Conclusion

The partnership between Thunes and MoMo PSB is emblematic of the evolving financial landscape in Nigeria. By enabling real-time cross-border payments, they are setting a new standard in remittance services, ensuring that Nigerians can access global financial flows efficiently and reliably. As this trend continues, it holds the promise of greater economic participation and empowerment for millions of individuals across the country, ultimately driving Nigeria towards a more inclusive financial future.