HomeBusinessMasterCard launches cross-border remittance service in Zimbabwe

MasterCard launches cross-border remittance service in Zimbabwe

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MasterCard has partnered Steward Bank to make remittance services available to the bank’s more than 1,5 million account holders.

BY OUR STAFF

Steward Bank’s customers will be able to receive funds sent by family and friends abroad directly into their accounts.

The service would be conducted through international money transfer hub HomeSend, a joint venture between MasterCard, eServGlobal and BICS. Steward Bank is the first Zimbabwean bank to join the global HomeSend network.

“Remittances are an important source of foreign currency into Zimbabwe, amounting to $1,8 billion in 2013 received via transfer agencies and formal channels,” said Lance Mambondiani, Steward Bank’s acting chief executive officer.

“Thousands of under-banked Zimbabwean families are dependent on funds sent by relatives working in other countries. Now, through the partnership with MasterCard and HomeSend, these citizens have access to affordable, convenient money transfer services.”

In the next phase, Steward Bank’s sister company EcoCash will soon connect to HomeSend, enabling more than four million EcoCash mobile money customers to receive remittances into their mobile money wallets, after which they can pay bills, pay merchants, send money and cash out.

Those who hold a MasterCard Debit Companion card linked to their EcoCash wallets will also 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.

Charlton Goredema, vice-president and Area Business Head, southern Africa and Emerging Markets, MasterCard said Zimbabweans in the diaspora were increasingly playing an important role in the development of the country through remittances.

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