News

MasterCard expands mobile remittance services in Africa

The card network announced deals that will allow customers in Nigeria and Zimbabwe to send funds via mobile phone — and cash out at the ATM.

March 3, 2015

MasterCard has announced an agreement with eTranzact International PLC, a Pan-African mobile banking and payment services company, to make international remittance services available to millions of consumers in Nigeria. The card network also announced a partnership with Steward Bank in Zimbabwe to make remittance services available to the bank's more than 1.5 million accountholders. The announcements coincide with this week's Mobile World Congress in Barcelona, Spain.

Under the eTranzact agreement, citizens will be able to securely receive international remittances to their eTranzact mobile money wallets or select bank accounts through the international transfer hub HomeSend. A joint venture between MasterCard, eServGlobal and BICS, HomeSend bridges the gap between various entities globally — including financial institutions, non-financial entities and mobile network operators — enabling Nigerians living and working abroad to send money from mobile money accounts, payment cards, bank accounts or cash outlets back home, according to a press release.

"For millions of Nigerians, the receipt of funds from friends and family is an important lifeline," said Omokehinde Ojomuyide, vice president and area business head for West Africa at MasterCard. "HomeSend provides senders across the globe and the recipients in Nigeria with a convenient, safe, and cost effective money transfer channel."

Upon receipt of funds into their eTranzact mobile wallets, Nigerians can use PocketMoni, the eTranzact mobile money platform, to pay bills, top up airtime, pay select merchants, cash out at agents or participating bank ATMs, and send money to any bank account, PocketMoni user, eTrazact card or mobile phone user.

MasterCard also is using HomeSend in the deal with Zimbabwe's Steward Bank. In the next phase of that agreement, the FI's sister company EcoCash will connect to HomeSend, allowing more than four million EcoCash mobile money customers to receive remittances into their mobile money wallets, from which they can pay bills and merchants, send money, and cash out. Users who hold a MasterCard Debit Companion card linked to their EcoCash wallet will be able to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard payment cards, both in Zimbabwe and internationally, according to the announcement.