[March 03, 2015] |
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MasterCard and eTranzact Make it Easier for Millions of Nigerians to Receive Remittances
At Mobile World Congress (News - Alert), MasterCard
today announced an agreement with eTranzact
International plc, a leading pan-African mobile banking and payment
services company, to make international remittance services available to
millions of consumers in Nigeria.
Under the agreement, citizens will be able to securely receive
international remittances into their eTranzact mobile money wallets or
select bank accounts through the international transfer hub,
HomeSend.
A joint venture between MasterCard,
eServGlobal (News - Alert) and BICS,
HomeSend bridges the gap between various entities globally such as
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.
"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 (News - Alert).
Upon receipt of funds into their eTranzact mobile wallets, Nigerians can
use PocketMoni,
eTranzact's mobile money platform, to pay bills, top-up airtime, pay
select merchants, cash out at agents or at participating bank ATMs, and
send money to any bank account, PocketMoni user, eTrazact card or mobile
phone user.
"Our partnership with MasterCard enables us to bring a new,
cost-effective, cross-border remittance service to Nigerians, may 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."
eTranzact, which is connected to and switches transactions for all of
Nigeria's major commercial banks, will also enable millions of consumers
to receive remittances directly into their bank accounts.
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
support the growth of the economy," says Ojomuyide.
Find a complete list of MasterCard's news announcements from Mobile
World Congress in our Digital
Press Kit and follow us @MasterCardNews #WhatsNext to join
the conversation.
About MasterCard
MasterCard
(NYSE:MA), 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 (News - Alert) @MasterCardNews,
join the discussion on the Beyond
the Transaction Blog and subscribe
for the latest news on the Engagement
Bureau.
About eTranzact
eTranzact is Africa's leading provider of mobile banking and payment
services. We are the first fully operational multi-application and
multi-channel electronic transaction switching and payment processing
company that is publicly quoted on the Nigeria Stock Exchange. Our
vision is: 'To be a leading global provider of mobile transaction
services, leveraging on our award winning mobile switching platform'
and since 2003, we have been at the fore front of delivering cutting
edge electronic and mobile payment products and services to customers
that cut across virtually all works of life. Follow us on Twitter: @eTranzactPLC
and @MyPocketMoni,
Facebook (News - Alert): eTranzact
International PLC and MyPocketMoni.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150303005012/en/
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