How Thunes is driving cross-border payments in Africa

Thunes, in partnership with M-Pesa, has made significant strides in advancing financial inclusion across Africa by facilitating seamless cross-border money transfers to over 200 million mobile wallets on the continent. This collaboration has played a crucial role in driving the growth of digital payments in East Africa, providing accessible and reliable payment solutions to a previously underserved market. By enabling individuals to send money instantly from an M-Pesa account in Kenya to one in Tanzania, the partnership has not only fostered convenience but has also offered affordability to customers. Ensuring regulatory compliance is paramount in the realm of cross-border payments, especially given the varying regulatory frameworks in different countries within Africa. Thunes has navigated this challenge by working closely with key partners and local authorities in each region where it operates. By obtaining the necessary approvals from regulators in the 170 countries it operates in, Thunes ensures seamless operations while adhering to regional standards and regulations. Despite the success of the partnership, there are still hurdles to overcome in the African market. One of the prevalent challenges is the fluctuation of local currencies, which can impact the value of cross-border transactions. Thunes has developed a robust system to address this issue by supporting over 80 local currencies for settlements, thereby mitigating the impact of currency fluctuations on its customers. Additionally, navigating regulatory processes in African markets can be time-consuming, often resulting in delays for launching new services. However, with a proactive approach and a focus on compliance, Thunes continues to overcome these challenges. Digital infrastructure is another key aspect that drives the success of cross-border payments in Africa. While there have been advancements in building digital infrastructure across the continent, solutions like Thunes are vital in bridging the existing gaps. By offering a single API integration for partners to access its network spanning 130 countries, Thunes simplifies the process for banks and service providers to offer cross-border payment services to their customers. This ease of integration enables emerging markets to adopt efficient solutions for their go-to-market strategies. Looking ahead, events like the Inclusive FinTech Forum play a pivotal role in fostering collaboration and partnerships within the industry. By bringing together key stakeholders, including regulators, FinTech companies, and financial institutions, forums like these create opportunities for networking and collaboration. Blen Tenaw, Business Development Manager at Thunes, emphasized the importance of collaboration in driving innovation and providing seamless services to customers. Through continued collaboration and partnerships, the future of cross-border payments in Africa looks promising, with a focus on enhancing financial inclusion and accessibility for all.