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HomeSend, Mastercard aim to transform the $3bn remittance industry in Ethiopia

Remittance service launched with CBE signals evolution of Ethiopian payment ecosystem

Addis Ababa, Ethiopia – September 21, 2016 – HomeSend and the Commercial Bank of Ethiopia (CBE) today announced a new remittance service at the US-Africa Business Forum, that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.

Launched in 2014, HomeSend is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send money to and from mobile money accounts, payment cards, bank accounts or cash outlets, regardless of their location or that of the recipient. It is free for receivers and is accessible to anyone with a mobile number, and empowers the sender to transfer funds at a low cost through the HomeSend secure network of money transfer operators and banks.

HomeSend will be available in Ethiopia before the end of the year, says Bekalu Zeleke, President of CBE. “At the CBE, we believe that embracing technology is integral to bringing the best possible service to our customers. HomeSend is an example of how, when working with the right partner, like Mastercard, a financial institution can improve the lives of its customers.”

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