A new remittance channel emerges as Mastercard partners with Steward bank

News coming out of Barcelona at the Mobile World Congress is that Mastercard, the global payment solutions provider has announced a partnership with Steward Bank a local financial institution.

This facility has been enabled through Homesend an international transfer unit that has been carrying the same services in other markets around the world through operators like Vodafone.Homesend was created by three entities in money transfer services, BICS, eServGlobal and Mastercard. This will be its first involvemen wth Zimbabwean financial services.

Under the Mastercard/ Steward agreement. Steward Bank account holders wil be able to receive remittances from the diaspora straight to their account.

There is meant to be a follow-up phase to this arrangement that will see homesend facilitate remittances into Ecocash wallets. It'll be the same arrangement that exists between Ecocash and another remittances entity, western Union.

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