Absa Group has partnered with global payments infrastructure provider Thunes to introduce a new digital remittance platform known as Absa Global Pay, a service designed to make international money transfers faster, more affordable and easier for millions of individuals and businesses across Africa.
The launch reflects a growing effort by African financial institutions to modernise cross border payment systems as remittances continue to play a vital role in supporting households, education, healthcare and small businesses throughout the continent. With millions of Africans living and working abroad, remittance inflows represent a crucial source of foreign income for many economies.
Absa Global Pay is expected to simplify the process of sending and receiving money internationally by using Thunes’ global payments infrastructure, which connects banks, digital wallets and financial institutions across more than 130 countries. The partnership allows Absa customers to transfer funds across borders in a digital first environment that prioritises speed, transparency and lower transaction costs.
According to Absa executives, the new platform aims to address several longstanding challenges in cross border payments across Africa. Traditional remittance systems often involve multiple intermediaries, resulting in delays, high fees and limited visibility on transfer status. By integrating Thunes’ payment network, Absa seeks to streamline these processes and provide customers with more efficient and reliable transactions.
Cross border payments remain one of the most expensive financial services globally, particularly for transfers into developing regions. Data from the World Bank indicates that sending money to Sub Saharan Africa carries some of the highest remittance fees in the world, often exceeding seven percent of the total amount transferred. Reducing these costs has been a major priority for policymakers, financial institutions and international organisations seeking to improve financial inclusion and economic resilience.
The Absa Global Pay platform is designed to support both individuals and businesses, allowing users to send money across borders through digital channels without relying heavily on physical banking infrastructure. Customers are expected to benefit from faster settlement times, transparent pricing and access to a broad international network of payment partners.
Thunes has emerged as one of the leading global payment infrastructure providers focused on cross border financial connectivity. The company’s platform enables financial institutions to send payments directly to mobile wallets, bank accounts and other digital financial services across emerging markets. By connecting Absa’s banking network to Thunes’ international payment rails, the partnership expands the reach of African customers to global financial systems.
Remittance flows into Africa have grown steadily over the past decade. According to estimates from the World Bank, African diaspora communities send tens of billions of dollars back to the continent each year. These funds often support daily household needs, small businesses, education and healthcare expenses, making remittances a key driver of economic stability in many countries.
Financial technology innovations are increasingly transforming the remittance landscape. Mobile money platforms, digital wallets and integrated banking applications have expanded access to financial services for millions of previously underserved users. Banks across Africa are now investing heavily in digital platforms that can compete with global fintech companies while improving the efficiency of cross border transactions.
Absa, one of Africa’s largest financial services groups, operates in multiple African markets and serves millions of retail and corporate customers. By launching a digital remittance platform integrated with global payment networks, the bank is positioning itself to capture a growing share of the rapidly expanding cross border payments sector.
The collaboration with Thunes also reflects broader trends in the global financial industry where traditional banks increasingly partner with fintech infrastructure providers to accelerate innovation. Rather than building complex international payment systems independently, banks can leverage existing fintech networks to deploy new services more quickly and efficiently.
Analysts say the introduction of digital remittance solutions like Absa Global Pay could contribute to broader financial inclusion goals across Africa by making cross border transactions more accessible to individuals and small businesses. Easier and more affordable payment systems may also encourage greater formalisation of remittance flows that are sometimes sent through informal channels.
As global migration and international trade continue to expand, demand for efficient cross border payment solutions is expected to grow significantly. Platforms like Absa Global Pay are likely to play an increasingly important role in enabling seamless financial connectivity between Africa and the rest of the world.
The launch underscores how African financial institutions are accelerating digital transformation efforts to remain competitive in an increasingly interconnected global financial ecosystem.
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