Sterling Bank has entered a new partnership with global payments infrastructure provider Thunes, a move aimed at making cross-border money transfers faster and more reliable for Nigerians living outside the country. The collaboration reflects a growing push by Nigerian banks to improve international payment options for the diaspora, whose remittances remain a critical source of foreign exchange for Africa’s largest economy.

Under the agreement, the Lagos-based lender will connect to Thunes’ Direct Global Network, a payments system that enables real-time transactions across more than 130 countries and supports over 80 currencies. The arrangement is expected to simplify how Nigerians abroad send money home, reducing delays and inconsistencies that have long characterised international transfers into the country.

Sterling Bank said it plans to roll out the enhanced payment service across several European markets, targeting regions with significant Nigerian expatriate populations. According to Thunes, the partnership is designed to give Nigerians overseas “a more consistent way to support their families and manage finances,” particularly at a time when exchange rate volatility and regulatory changes have complicated cross-border flows.

Why diaspora payments matter now

Remittances play an outsized role in Nigeria’s economy. According to data from the World Bank, inflows from Nigerians abroad have consistently exceeded foreign direct investment in recent years, helping to stabilise household incomes and, at times, support the country’s external reserves. However, many Nigerians in Europe and North America still rely on fragmented payment channels, some of which are slow, expensive, or prone to failure.

Against this backdrop, banks are under pressure to offer smoother, technology-driven alternatives. Sterling Bank, which serves roughly one million customers across personal and business banking, appears to be positioning itself to capture a larger share of diaspora-linked transactions by integrating directly with a global payments backbone rather than relying solely on correspondent banking relationships.

Industry analysts note that this timing is significant. Nigeria’s financial sector is adjusting to reforms in its foreign exchange regime, while regulators continue to scrutinise informal remittance channels. As a result, banks that can provide transparent, compliant, and near-instant cross-border payments stand to gain trust from both customers and regulators.

Inside the Thunes Direct Global Network

Thunes operates a global payments platform that connects banks, mobile money operators, and fintech firms through a single network. Its Direct Global Network allows institutions to send and receive funds in real time, often settling transactions directly into local accounts or wallets without passing through multiple intermediaries.

For Sterling Bank, joining this network means access to a broader range of payout corridors and currencies, particularly in Europe, where many Nigerians live and work. According to payments experts, such connectivity can lower transaction costs and improve reliability, two factors that heavily influence customer choice in the remittance market.

Daniel Parreira, senior vice president of sales for Africa at Thunes, described Sterling Bank’s onboarding as “another significant milestone in our expansion across Africa.” He added that the partnership reinforces Thunes’ strategy of working with established local banks to deepen its footprint on the continent.

Thunes already maintains offices in Abidjan, Johannesburg, and Nairobi, and has built partnerships with major African financial institutions, including Ecobank and Access Bank. These relationships have helped the company embed its infrastructure into both retail and corporate payment flows across multiple African markets.

A competitive remittance landscape

The Nigerian remittance space has become increasingly competitive, with traditional banks, fintech startups, and international money transfer operators all vying for market share. Fintech platforms often market speed and convenience, while banks emphasise security, regulatory compliance, and integration with existing accounts.

By partnering with Thunes, Sterling Bank is effectively borrowing from both playbooks. The bank gains access to near-real-time global payment rails, while retaining the credibility of a regulated commercial bank. This hybrid approach could appeal to Nigerians abroad who want faster transfers without abandoning the formal banking system.

A payments analyst based in Lagos noted that such partnerships may also help banks reduce their dependence on correspondent banks, which can introduce delays and additional fees. “Direct network connections give banks more control over the payment experience,” the analyst said, adding that customers are increasingly sensitive to failed or delayed transfers.

Thunes’ broader growth strategy

The Sterling Bank deal comes less than a year after Thunes closed a $150 million Series D funding round in April 2025. The funding was earmarked primarily to support the company’s expansion in the United States, a market seen as critical due to its large immigrant population and high outbound remittance volumes.

Thunes’ growth strategy is being overseen by chief executive Peter De Caluwe, who returned to the role in August 2025 after an 18-month period as deputy chairman. During that time, Floris de Kort, now chief executive of Ingenico, served as Thunes’ CEO. Industry observers say De Caluwe’s return signalled a renewed focus on scaling the company’s core network while deepening partnerships in high-growth regions such as Africa.

For African banks, aligning with a well-funded global payments provider can also be a hedge against rapid technological change. As real-time payments become the norm in many markets, institutions that fail to modernise risk losing relevance among younger, globally mobile customers.

The immediate test for the Sterling Bank and Thunes partnership will be execution. Customers will be watching closely to see whether promised improvements translate into faster settlement times, clearer pricing, and fewer failed transactions. Regulatory compliance across multiple jurisdictions will also be critical, particularly as European payment rules continue to evolve.

There is also the question of scale. While Sterling Bank plans to introduce the service in several European markets, future expansion into North America or the Middle East could significantly increase transaction volumes. Such moves would place the bank in more direct competition with established international money transfer operators.

More broadly, the deal underscores a trend of Nigerian banks seeking deeper integration with global payment networks rather than building proprietary solutions from scratch. If successful, similar partnerships could reshape how diaspora funds flow into Nigeria, with implications for foreign exchange liquidity and financial inclusion.

Visual and data ideas

To complement this story, editors could consider a chart showing Nigeria’s remittance inflows over the past five years, or a map highlighting key countries covered by the Thunes Direct Global Network. An infographic comparing traditional correspondent banking transfers with real-time network payments could also help readers understand the practical impact of the partnership.

Sterling Bank’s partnership with Thunes signals a strategic bet on infrastructure-led innovation in cross-border payments. By tapping into a global, real-time network, the bank aims to make it easier for Nigerians abroad to send money home, while strengthening its own position in an increasingly competitive market. As remittances remain vital to Nigeria’s economy, the success of this collaboration could offer a template for how local banks engage the diaspora in the years ahead.