HomeSend, one of the world’s most extensive cross-border money transfer networks has been named ‘The Best Payment Product in Africa’, at the Asian Banker Middle East and Africa Awards recently.
The award recognizes payment products that efficiently enable secure, end-to-end transactions for customers, utilising innovative channels or devices.
HomeSend, created by MasterCard, eServGlobal and BICS bridges the gap between various entities globally such as financial institutions, non-financial entities and mobile network operators, enabling Africans living and working abroad to send money from mobile money accounts, payment cards, bank accounts or cash outlets back home.
The Group Head and CEO, OF HomeSend, Stephen Doyle said they were extremely honoured to receive this prestigious award.
“This award recognises the strides we are making in providing a convenient, safe, and cost effective money transfer channel to Africans, many of whom are unbanked and underbanked, he added.”
The World Bank Remittances Brief estimates that remittances to sub-Saharan Africa are expected to increase from $ 33 billion in 2014 to $ 34 billion in 2015.
However, the cost of remitting money to Africa remains high, with a large proportion of remittances being sent informally in cash. By digitising and formalising remittance payments, we are helping to create new remittance corridors, expand the scope of cashless money transfers, extend financial inclusion and support economic growth,” Doyle said.
HomeSend has deployments in 50 countries and commercial contracts with mobile network operators and money transfer operators (MTOs) that represent more than 1.2 billion subscribers. It is in the process of connecting its worldwide community of telecom partners and MTOs to the more than 24,000 financial institutions on the MasterCard network to provide consumers with more options and flexibility for sending or receiving funds and enable cross border remittance payments worldwide.