Singapore-headquartered global payment platform Thunesand pan-African financial institution Ecobank Group signed an agreement on Wednesday to collaborate on enabling instant cross-border payments for individuals and businesses across Sub-Saharan Africa, starting in Togo.

Under the project, Thunes and Ecobank will integrate their banking and fintech infrastructures in phases across Ecobank's entire 32-country operational footprint, in line with local regulations in each market. The resulting integration will connect Ecobank customers to Thunes' Direct Global Network, which spans over 130 countries and connects to 7 billion mobile wallets and bank accounts worldwide.

Togo is the first market to commence operations under the partnership, which means Ecobank customers there can now receive instant payments from remittance players globally.

Peter De Caluwe, co-founder and CEO of Thunes, said the partnership combines Ecobank's extensive and deep local presence in sub-Saharan Africa with Thunes' network to empowers entrepreneurs to trade beyond borders, families to support loved ones instantly, and communities to take part in a more dynamic, digital African economy.

“The result is a live, large-scale solution that's transforming how money moves across the continent,” De Caluwe said in a statement.

“By combining our robust banking infrastructure with Thunes' fintech innovation and trusted Direct Global Network, we're expanding real-time financial access for millions and driving the growth of Africa's digital economy,” added Ecobank Group CEO Jeremy Awori.

The project launch follows through on an MoU signed last year by Ecobank and TransferTo, Thunes' holding company.