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Dubai, United Arab Emirates, May 28, 2015 – HomeSend, an international transfer hub created by MasterCard, eServGlobal and BICS, has been named “the Best Payment Product in Africa” at the Asian Banker Middle East and Africa Awards. The award recognizes payment products that efficiently enable secure, end-to-end transactions for customers, utilizing innovative channels or devices.
As one of the world’s most extensive cross-border money transfer networks, HomeSend bridges the gap between various entities globally, such as financial institutions, non-financial entities and mobile network operators, enabling Africans living and working abroad to send money from mobile money accounts, payment cards, bank accounts or cash outlets back home.
“We are extremely honoured to receive this prestigious award,” says Stephen Doyle, Group Head and CEO, HomeSend. “This award recognises the strides we are making in providing a convenient, safe, and cost effective money transfer channel to Africans, many of whom are unbanked and underbanked.”
For millions of Africans, the receipt of funds from friends and family living abroad is an important lifeline.
“Thanks to HomeSend, workers overseas no longer need to worry about whether their hard earned money will be received by their loved ones at home. “
Remittances are also an integral contributor to the Gross Domestic Product (GDP) of various African economies. The World Bank Remittances Brief estimates that remittances to Sub-Saharan Africa are expected to increase from $ 33 billion in 2014 to $ 34 billion in 2015.
“Africans abroad are playing an increasingly important role in the development of many African countries through remittances. However, the cost of remitting money to Africa remains high, with a large proportion of remittances being sent informally in cash. By digitizing and formalising remittance payments, we are helping to create new remittance corridors, expand the scope of cashless money transfers, extend financial inclusion and support economic growth,” Doyle says.
HomeSend has live deployments in 50 countries and commercial contracts with mobile network operators and money transfer operators (MTOs) that represent more than 1.2 billion subscribers – the equivalent of one in seven of the world’s population – and 200,000 cash agents respectively.
HomeSend is in the process of connecting its worldwide community of telecom partners and MTOs to the more than 24,000 financial institutions on the MasterCard network to provide consumers with more options and flexibility for sending or receiving funds and enable cross border remittance payments worldwide.
HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets – regardless of their location or that of the recipient.
MasterCard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardMEA and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.
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