Absa Launches Global Pay with Thunes
ABSA launched Absa Global Pay, a Thunes-partnered digital remittance service for faster/cheaper payments across 18 countries. It connects to 22B+ wallets used by Uber/Airbnb/M-Pesa, making it key for high-volume fintech APIs. The move is relevant for mortgage lenders expanding wholesale operations.
Absa Global Pay leverages Thunes' Direct Global Network, potentially reaching 38 countries in Africa and claiming 98% real-time settlement. The initial rollout includes the UK, Kenya, India, Malawi, Pakistan, and Zimbabwe. Absa, with approximately $121 billion in total assets, aims to provide affordable and transparent pricing with competitive FX rates through this partnership. Nick Nkosi, Absa's Managing Executive for Transactional and Deposits, highlights the importance of remittances for families and the opportunity to deliver more value in this space. Thunes, founded in 2016 and headquartered in Singapore, has 20 offices globally, including locations in Beijing, Manila, Nairobi, London, and Paris. Thunes facilitates payments across 133+ countries in 80 currencies, connecting to 3 billion mobile wallets and 4 billion bank accounts. Absa's digital strategy includes enhancing its mobile app, optimizing branch processes for paperless transactions, and fintech innovation hubs. Absa reported a 5% increase in revenue to R109.9 billion in 2024, with headline earnings growing by 10% to R22.1 billion. Competitors to Thunes include NIUM, Airwallex, and SWIFT.
