South Africa-based Absa Group has partnered with Thunes to introduce a cross-border remittance service for its customers across Africa.

The solution, dubbed Absa Global Pay, leverages Absa’s banking presence in African markets with Thunes’ Direct Global Network.

Absa Global Pay lets Absa customers initiate transfers through the Absa Banking App or Connected Banking (Absa Online).

The service offers instant settlement to 18 countries, with an initial rollout covering six markets: UK, Kenya, India, Malawi, Pakistan and Zimbabwe.

Users can select from several payout options depending on the destination. These include bank account deposits, mobile wallet transfers and approved cash pick-up points.

The service also provides real-time notifications and transaction tracking.

In a statement, Thunes said that the solution offers “lower fees, clear pricing, competitive FX rates, and greater value”.  

Thunes chief commercial officer Simon Nelson said: “By combining Absa’s deep local insights with Thunes’ expansive Direct Global Network, we are making international money movement seamless and accessible for anyone, anywhere.

“This launch is an important milestone in our mission to support the growth of the continent by powering intra-Africa money movement and bring inclusive financial connectivity to communities across the world.”

Absa Personal and Private Banking Transactional and Deposits managing executive Nick Nkosi said: “Remittances remain essential for keeping families supported across borders, and our research shows significant opportunity to unlock more value in this space.

“Together with Thunes, we are delivering a solution that is simpler, faster and more affordable — empowering customers with choice, transparency and meaningful value.”

Thunes’ Direct Global Network enables users to make payments to more than 130 countries.

In November last year, Thunes partnered with MoMo PSB to enable instant international remittances to Nigerian users.