Wednesday, September 28, 2016

Remittance service allows Ethiopians to send money throughout East Africa via phone

(Sep 28, 2016, (Africa Business Communities))--A new remittance service that allows Ethiopians to send money to directly to any mobile number in East Africa has been launched, becoming the first of its kind. This follows the inking of a deal between Homesend and Commercial Bank of Ethiopia.

Homesend which was launched in 2014 is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send money to and from mobile money accounts, payment cards, bank accounts or cash outlets, regardless of their location or that of the recipient.

It is free for receivers and is accessible to anyone with a mobile number, and empowers the sender to transfer funds at a low cost through the HomeSend secure network of money transfer operators and banks.

 HomeSend will be available in Ethiopia before the end of the year, says Bekalu Zeleke, President of CBE. “At the CBE, we believe that embracing technology is integral to bringing the best possible service to our customers. HomeSend is an example of how, when working with the right partner, like Mastercard, a financial institution can improve the lives of its customers.” Read more from Africa Business Communities »

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