Today at the Mobile World Congress, MasterCard announced that it has formed an alliance with eTranzact International plc to make international remittance services available to millions of Nigerians on their mobile.
The agreement entails citizens receiving their remittance directly into their eTranzact mobile money wallets or an option to select bank accounts through the international transfer hub called HomeSend.
HomeSend is a joint venture between MasterCard, eServGlobal and BICS. A platform that will enable Nigerians resident and working abroad to send money from their mobile money accounts, payments cards, bank accounts or cash outlets back home. HomeSend intends to bridge the gap between various entities around the globe such as financial institutions, non-financial entities and mobile network operators.
“For millions of Nigerians, the receipt of funds from friends and family is an important lifeline. HomeSend provides senders across the globe and the recipients in Nigeria with a convenient, safe, and cost effective money transfer channel,” says Omokehinde Ojomuyide, Vice President and Area Business Head for West Africa, MasterCard.
“Our partnership with MasterCard enables us to bring a new, cost-effective, cross-border remittance service to Nigerians, many of whom have previously struggled to access such facilities as they do not have formal bank accounts,” says Valentine Obi, Chief Executive Officer, eTranzact International Plc. “Instead of travelling long distances and waiting in long lines, Nigerians will now be able to electronically receive cash transfers from family overseas with the convenience of their mobile devices.”
Nigeria has been recorded as the largest remittance market in Africa and the Fifth largest in the world, attracting US$21 billion remittances in 2014. This has contributed four percent to Nigeria’s Gross Domestic product as reported in the World Bank migration and Remittance Brief.