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MasterCard Launches Cross-Border Remittance Service in Nigeria

At Mobile World Congress, MasterCard and eTranzact International plc today announced an agreement that will allow millions of Nigerians to securely receive international remittances into their eTranzact mobile money wallets or any major commercial bank accounts through the international transfer hub, HomeSend.

A joint venture between MasterCard, eServGlobal and BICS, HomeSend innovatively bridges the gap between finance and telecommunication service providers worldwide. It will also enable Nigerians living and working abroad to conveniently send money from their mobile money accounts, payment cards, bank accounts or cash to their loved ones back home.

According to the World Bank Migration and Remittances Brief, Nigeria is the largest remittance market in Africa and the fifth largest in the world, attracting US$21 billion in remittances in 2014, which contributed four percent to Nigeria’s Gross Domestic Product.

“We are pleased to partner with eTranzact to bring one of the most comprehensive international remittances offerings to Nigeria. This type of service has the potential to open up new remittance corridors, expand the scope of cashless money transfers, extend financial inclusion and grow the economy,” says Omokehinde Ojomuyide, Vice President and Area Business Head for West Africa, MasterCard.

For more information, see the full press release.