Absa is strengthening its position in cross-border payments with the launch of a new digital remittance solution in partnership with Thunes. The move reflects growing demand for faster, lower-cost international transfers across Africa as banks increasingly collaborate with global fintech networks.
A major advancement in the African financial services sector has been unveiled, as Absa Group, one of the continent’s largest diversified financial providers, joins forces with the global payment network Thunes. This partnership has resulted in the launch of Absa Global Pay, a digital-first remittance solution designed to make international money transfers faster and more cost-effective for millions of users. The collaboration addresses a growing demand for financial tools that offer transparency and ease of use in an increasingly interconnected global economy.
International remittances are widely recognised as a critical economic driver, supporting education, healthcare, and small business development across Africa. Combining Absa’s extensive banking footprint with Thunes’ agile direct global network has created an end-to-end system for moving money in real time. This initiative is particularly significant because it focuses on reducing traditional barriers to cross-border payments, such as high fees and slow processing times.
The new service allows customers to initiate transfers directly through the institution’s existing mobile banking application or online banking portal. In its initial release phase, the platform supports instant settlement to six key countries, including the United Kingdom, Kenya, India, Malawi, Pakistan, and Zimbabwe. Plans are already in place to expand this reach to 18 countries in the near future. This phased approach ensures that the technical infrastructure remains stable while the service scales to meet broader consumer needs.
One of the defining features of this new system is the variety of payout options available to the recipient. Users can choose to send funds directly into a bank account, a mobile wallet, or to approved cash pickup locations. To enhance user confidence, the platform provides real-time notifications and full visibility into the status of every transaction. This level of tracking is often missing from traditional remittance methods, which can sometimes leave senders and receivers uncertain about the timing of fund delivery.
Affordability and pricing clarity are central themes of this product launch. The solution offers lower transaction fees and highly competitive foreign exchange rates by leveraging Thunes’ direct network and the massive scale of the Absa customer base. This ensures that a larger portion of the sent funds actually reaches the families and businesses that depend on these transfers as a financial lifeline. Both companies have emphasised that clear pricing is essential for building long-term trust with their users.
Nick Nkosi, the Managing Executive for Transactional and Deposits at Absa Personal and Private Banking, highlighted the firm’s commitment to building innovative services that connect deeply with clients’ daily lives. He noted that the bank’s research identified a significant opportunity to add more value in the remittance space. Simon Nelson, the Chief Commercial Officer at Thunes, expressed pride in partnering with such a trusted African institution. He stated that combining local insights with an expansive global network makes international money movement accessible for individuals regardless of their location. This launch is viewed as an important milestone in the broader mission to support economic growth across the continent by improving financial connectivity.
What this means for the industry
• Cross-border payments are becoming faster and more accessible
Partnerships between banks and global networks are enabling near real-time remittance services.
• Cost reduction is a key competitive focus
Lower fees and better FX rates are becoming essential to attract and retain users in the remittance market.
• Fintech collaboration is driving innovation in Africa
Banks are increasingly partnering with global fintech providers to accelerate digital transformation.
• Multi-channel payout options are improving user experience
Offering bank transfers, mobile wallets and cash pickup increases flexibility for recipients.
• Financial inclusion remains a core driver of innovation
Improving access to affordable remittance services supports economic growth and underserved populations.
Photo by Nathana Rebouças on Unsplash
