MasterCard has partnered with Zimbabwe’s Steward Bank to launch cross border remittance services for the bank’s more than 1.5 million account holders.
Through the partnership, Steward Bank will join the global network of international money transfer hub HomeSend, a joint venture between MasterCard, eServGlobal and BICS.
Steward Bank’s sister company EcoCash will also connect to HomeSend, enabling over four million EcoCash mobile money customers to receive remittances into their mobile money wallets.
The partnership will allow users of MasterCard Debit Companion card linked with EcoCash wallets to withdraw money from MasterCard-licensed ATMs and pay for goods and services at millions of merchants that accept MasterCard both in Zimbabwe and internationally.
Steward Bank acting CEO Lance Mambondiani said: "Remittances are an important source of foreign currency into Zimbabwe, amounting to $1.8bn in 2013 received via transfer agencies and formal channels.
"Thousands of under-banked Zimbabwean families are dependent on funds sent by relatives working in other countries. Now, through the partnership with MasterCard and HomeSend, these citizens have access to affordable, convenient money transfer services."
