MasterCard, eTranzact Tap Into Nigeria’s $21bn Remittances Market
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 $21billion in remittances in 2014, which contributed four per cent to Nigeria’s Gross Domestic Product (GDP).
Under the agreement, citizens would 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 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.
Vice president and area business head for West Africa, MasterCard, Omokehinde Ojomuyide said, “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.”
Upon receipt of funds into their eTranzact mobile wallets, Nigerians could 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.
Valentine Obi, chief executive officer, eTranzact International Plc said “Our partnership with MasterCard enables us to bring a new, cost-effective, cross-border remittance service to Nigerians, many of whom have previously struggled to access such facilities as they do not have formal bank accounts.
Obi added that “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.
“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,” said Ojomuyide.
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