Zimbabwe’s Steward Bank is working with MasterCard to make international remittance services available to the bank’s more than 1.5 million account holders.
This is 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.
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.
The International Organisation for Migration estimates that as many as four million Zimbabweans live abroad. Given estimates that Zimbabwe’s Gross Domestic Product (GDP) was about US$13.5 billion in 2013, remittances received from these individuals through formal channels alone contributed about 13 percent to the country’s GDP.
Zimbabweans living abroad can send funds via a range of channels including participating MasterCard financial services institutions and HomeSend’s partners: mHITs (Australia), Skrill (worldwide), Hello Paisa (South Africa) and Daytona Capital Management (UK).
For more data on international money remittances access CardData®. For information and commentary on international money remittances visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on international money remittances are available exclusively through CardWeb.com.®