Lagos and Singapore based fintech partnership has just set a fresh mark for the way Nigerians living abroad send money home. Sterling Bank, one of Nigeria’s respected full service commercial banks, has joined the global payment network run by Thunes to deliver instant, reliable and cost effective cross border payments for Nigerians in the diaspora. The agreement focuses on helping Nigerians abroad manage family support and financial obligations quickly without complicated transfer delays or hidden costs.
This development comes at a time when an estimated 17 million Nigerians are living, working or studying in Europe and other parts of the world. For many of these expatriates, sending funds home is a priority financial task that can feel as essential as paying rent or buying groceries. Research shows that nearly half of Nigerians living in Europe send money home on a regular basis, and this new partnership aims to make that process smoother and more dependable.
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How the Sterling Bank and Thunes Partnership Works
Under the agreement, Sterling Bank will embed technology from Thunes’ Direct Global Network into its systems. This means customers of Sterling Bank who are based abroad can send money directly into their Nigerian accounts without waiting days or paying high fees. The integration is initially rolling out across key European markets and will expand over time to cover more corridors.
The approach places heavy emphasis on transparency and speed. With Thunes’ infrastructure, transfer times are near instantaneous and exchange rates are clear upfront, giving senders peace of mind and more control over their finances. For customers, this means less stress when supporting families, paying school fees or covering bills in Nigeria while living outside the country.
In practical terms, Nigerian expatriates in the UK and across Europe can now link their local bank accounts to Sterling Bank’s diaspora services. They can fund their Nigerian accounts in naira without extra charges and with predictable foreign exchange rates. Planned upgrades include support for more currencies like US dollars and Canadian dollars, widening the reach of this service.
Voices from Both Sides
Senior executives from both organisations have underlined how important this development is for the Nigerian community overseas. Daniel Parreira, Senior Vice President for Sales in Africa at Thunes, said the partnership represents a milestone in advancing financial infrastructure across the continent. He explained that the collaboration will give diaspora customers a higher level of convenience, speed and confidence when managing money across borders.
On the Sterling Bank side, Ayodeji Saba, Head of Switch and Remittances, stressed that the move shows a deep commitment to strengthening financial ties between Nigerians abroad and their families back home. He pointed out that the technology behind Thunes offers a faster, more reliable and more affordable route to send money into Sterling Bank accounts from foreign banks.
Many Nigerians who have struggled with old-fashioned remittance corridors know how challenging it can be to send funds quickly and affordably. Delayed payments or opaque fees can put pressure on senders and recipients alike. By streamlining this process, the partnership is expected to bring a sense of relief and greater financial confidence to millions of expatriates.
Impact on the Diaspora and Financial Inclusion
Beyond convenience, the collaboration reflects broader goals for financial inclusion. By making cross-border payments simpler, both Sterling Bank and Thunes are working towards bringing more people into the formal financial system, including those in emerging markets who may have previously relied on informal channels. The shared goal is to improve how people access and move money across borders, especially between Europe and Nigeria. PR Newswire
The Nigerian diaspora is one of the largest in Africa, and the flow of remittances forms a key part of the country’s economic fabric. Streamlined payment solutions are likely to help families manage household finances more effectively and reduce dependency on third party services that charge high fees and unpredictable rates.
Early users of these services have already reported that instant funding of naira accounts from abroad is making it easier to plan monthly expenses and meet emergency needs without unnecessary waiting times. For many, this has opened the door to a new level of financial confidence.
In addition to easing daily financial tasks, the move could encourage more Nigerians overseas to keep stronger financial ties with home. This has broader implications for investment, savings, and even small business growth as funds can be moved and used with greater flexibility.
As the integration progresses, there is strong interest among diaspora groups in seeing how quickly other major currencies will be supported and how widespread the service will become globally. With ongoing enhancements, it is expected that even more Nigerians abroad will take advantage of the direct payment network in the coming months.
Conclusion:
This strategic link between Sterling Bank and Thunes represents a new chapter in international banking services for Nigerians. It acknowledges the growing needs of the diaspora community and responds with practical, user-friendly tools that make sending money home faster and more transparent.
By enabling instant cross border payments and clear exchange terms, the partnership is lifting barriers that once made remittances a source of frustration for many Nigerians living and working away from home. While there is more ground to cover, particularly in expanding reach to more countries and currencies, this initiative sets a clear benchmark for how technology can transform financial lives.
For Nigerians abroad who regularly support families, pay fees or maintain financial commitments in Nigeria, this development offers a welcome improvement in how money moves across borders. It is a small but meaningful step towards a more connected and financially inclusive future.
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