Absa Group Partners with Thunes to Revolutionize Cross-Border Payments Across Africa

Absa Group has appointed Thunes as its strategic Multicurrency Clearing partner, a move that signals a significant shift in how liquidity is managed across the African continent. For fintech professionals, this represents a major integration of traditional banking infrastructure with a high-speed digital network to solve long-standing cross-border friction in fragmented markets.

What was announced

Absa Group has selected Thunes as a strategic Multicurrency Clearing (MCC) partner, a decision that scales an existing relationship between the two entities. This partnership follows the recent introduction of Absa Global Pay in South Africa, a product that merged Absa’s regional banking reach with Thunes’ digital payment infrastructure. The new MCC agreement is designed to underpin Absa’s broader cross-border payments strategy, extending its reach across the African continent and into global markets.

The technical core of the arrangement involves connecting Absa’s Pan-African banking footprint directly to the Thunes Direct Global Network. This network currently encompasses more than 140 countries and supports 90 currencies through 220 different payment methods. By utilizing this infrastructure, Absa can facilitate payouts that move beyond traditional bank accounts to include mobile wallets and card rails. The system is built to provide 24/7 liquidity and operates under enterprise-grade compliance standards. The partnership aims to deliver improved speed and transparency for cross-border transactions, providing clients with a wider range of currency choices and payout options. The formalization of this expanded role took place during a signing ceremony involving executive leaders from both organizations at the SIBOS 2026 conference in Miami.

"Deepening our strategic collaboration with Thunes is a natural evolution of our commitment to delivering intuitive, world-class financial services. Following the success of our Global Pay solution launched with Thunes in South Africa, expanding this collaboration allows Absa to leverage Thunes' expansive and trusted Network across the continent to extend our cross-border solution, giving our clients unprecedented currency choice, speed, and cost efficiency."

Richard Southey, Managing Executive: Payments as a Service, Absa CIB.

The companies involved

Absa Group is a major player in the African financial landscape, operating as one of the continent’s largest diversified financial services providers. The group maintains a significant Pan-African banking franchise, offering a wide range of retail, business, corporate, and investment banking services. Its presence is central to the financial infrastructure of multiple African nations, positioning it as a critical gateway for regional trade and investment. The group provides a comprehensive suite of products designed to support both individual consumers and large-scale enterprise clients across the continent.

Thunes operates as a global B2B payment infrastructure provider, often described as a "Smart Superhighway" for moving money internationally. The company focuses on solving the inefficiencies of traditional cross-border payments by building a Direct Global Network that connects diverse payment systems. This network allows for interoperability between bank accounts, mobile wallets, and cards, which is particularly relevant in markets where mobile money is a dominant form of financial interaction. Thunes provides the digital infrastructure and liquidity necessary to link businesses and consumers to global payment ecosystems seamlessly.

What FF News has reported before

FF News has closely monitored the technological evolution of both organizations. We previously covered how Absa Bank Strengthens Fraud Prevention, Fraud Investigation Customer Communication and Improves Collections Outcomes Using FICO Technology, highlighting the group's focus on integrating advanced analytics into its operational framework. On the infrastructure side, our reporting on Thunes has noted its aggressive geographic scaling, such as when Thunes Expands Direct Global Network Across Six Key Middle Eastern Markets. These prior developments underscore a consistent trend: Absa’s ongoing investment in robust backend systems and Thunes’ persistent expansion of its global footprint to bridge fragmented markets.

What this means

This partnership highlights the accelerating decline of traditional correspondent banking as the sole mechanism for cross-border movement in emerging markets. By integrating a direct global network, Absa is acknowledging that bank-to-bank transfers are no longer sufficient in a landscape where mobile wallets are the primary financial touchpoint for millions. This move puts significant pressure on other tier-one African banks to seek similar interoperability or risk losing corporate clients who demand real-time, multi-currency settlement. The industry must now consider whether these private "superhighways" will eventually bypass legacy clearing systems entirely, or if they will continue to act as a necessary overlay for regional liquidity.