MasterCard has entered into an agreement with African mobile banking and payment services company eTranzact International to provide remittance services to Nigerian consumers.
Through the partnership, consumers can access international remittances on eTranzact's mobile wallet or in certain bank accounts through HomeSend, a transfer hub, the companies said in a March 3 news release.
HomeSend is a joint venture among MasterCard, eServGlobal and Belgian telco BICS. It enables Nigerians to make remittance payments through financial institutions, non-financial entities and mobile network operators.
Once funds are in the eTranzact mobile wallet, people can then use eTranzact's mobile money platform PocketMoni to make payments or send money to any bank account, PocketMoni user, eTranzact card or mobile phone user. They can also cash out their funds at participating agents or bank ATMs.
"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," Valentine Obi, CEO of eTranzact, said in the release. "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."
Based in Lagos, Nigeria, eTranzact can switch transactions for all of Nigeria's major commercial banks. The company also has operations in Ghana, Kenya, Zimbabwe, Cote d'Ivoire and the United Kingdom.