Singapore-based payments company Thunes has partnered with MoMo PSB, the fintech arm of MTN Nigeria, to introduce real-time cross-border transfers for Nigerian users. Starting this week, Nigerians can receive money instantly into their MoMo wallets from countries including the US, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa, enabling immediate spending.
The service eliminates slow bank processes, cash pickup agents, and multi-day clearing times. Funds received on MoMo can be used instantly for airtime, bills, merchant payments, and daily transactions.
Standing Out in a Crowded Remittance Market
Nigeria’s remittance sector is booming, with inflows reaching $20.9 billion in 2024, a 9% increase over the previous year. Existing players like LemFi, SendCash, Africhange, Wise, and WorldRemit already serve the market, but Thunes says the new corridor is distinct.
Aik Boon Tan, Chief Network Officer at Thunes, explains that the key advantage is removing unnecessary intermediaries: “Thunes and MoMo create a direct settlement corridor, with MTN as the receiving entity. By eliminating middle layers, transfers are faster, more predictable, and reliable.”
This creates a single-hop international transfer route, allowing funds to move directly from sender to wallet in real time.
Real-Time Transfers Make a Tangible Difference
During the soft-launch phase, users experienced transfers completing in seconds. Recipients could immediately use the funds for routine MoMo transactions, avoiding delays from traditional bank transfers or cash-out requirements.
Instant transfers are critical for urgent payments, such as rent, school fees, or emergencies, providing users with financial flexibility and peace of mind.
MoMo PSB Drives Financial Inclusion Through Global Connectivity
As a subsidiary of MTN, MoMo PSB serves millions of Nigerians nationwide with mobile payments, savings, insurance, and merchant services. CEO Phrase Lubega says the partnership with Thunes aligns with the platform’s mission to expand financial inclusion: “Millions of Nigerians can now access funds from family, friends, and professional networks abroad instantly and securely. MoMo PSB offers a cost-effective and reliable way to participate in the global digital economy.”
Thunes’ Global Network
Thunes’ Direct Global Network spans over 130 countries and 80 currencies, connecting more than 7 billion wallets and bank accounts. Its mission is to bring global financial access to emerging markets, with Nigeria as a strategic focus due to its fast-growing mobile wallet ecosystem.
Conclusion
The collaboration between Thunes and MoMo PSB sets a new standard for cross-border payments in Nigeria. By enabling instant, secure, and direct transfers, the partnership enhances financial access, boosts convenience, and positions Nigeria as a leader in African digital payments innovation.
As global remittances continue to rise, this new corridor provides speed, reliability, and transparency, redefining how Nigerians engage with the international financial ecosystem.
