HomeSend, a software platform facilitating remittance transactions, and the government-backed Commercial Bank of Ethiopia (CBE) recently announced the intention to launch remittance services in Ethiopia by the end of 2016. The HomeSend platform will allow CBE customers to perform fund transfers to any mobile telephone number in the country. The service comes at a “low cost” for senders and is free for recipients. CBE’s network includes 1,140 branches and 21 money transfer agents.
HomeSend is a joint venture among MasterCard, a US-based payments and technology company; eServGlobal, a France-based telecommunications software provider; and Belgacom International Carrier Services (BICS), a subsidiary of the Belgium-based telecommunications company Proximus Group. As of 2016, HomeSend has been deployed in 50 countries through approximately 24,000 financial institutions.
As of June 2015, MasterCard reported total assets of USD 15.3 billion and 2.2 billion payment cards in circulation. As of June 2015, CBE reported total deposits of approximately ETB 242 billion (USD 11 billion) and loans and advances of ETB 111 billion (USD 5 billion). As of June 2016, it reported total assets of approximately ETB 386 billion (USD 17.4 billion). The firm also has four branches in Sudan.
By Michelle Dold, Research Associate
About HomeSend
Launched in 2014, HomeSend is a software system that allows banks’ customers to move money between “mobile money accounts, payment cards, bank accounts or cash outlets”. Homesend is a joint venture among MasterCard, a US-based payments and technology company; eServGlobal, a France-based telecommunications software provider; and Belgacom International Carrier Services (BICS), a subsidiary of the Belgium-based telecommunications company Proximus Group. As of 2016, HomeSend has been deployed in 50 countries through approximately 24,000 financial institutions that use MasterCard payment systems. Financial information on HomeSend is not available.
About MasterCard
Headquartered in the US city of Purchase, New York, MasterCard is a payments and technology company that moves money among consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of 2015, MasterCard reported total assets of USD 15.3 billion and 2.2 billion payment cards in circulation.
About the Commercial Bank of Ethiopia (CBE)
Headquartered in Addis Ababa, the Commercial Bank of Ethiopia (CBE) provides credit, savings, money transfer and “trade” Services to individual and institutional clients. As of 2016, CBE reports 13.3 million account holders, 29,000 employees, 1140 branches in Ethiopia and 4 branches in Sudan. As of June 2015, it reported total deposits of approximately ETB 242 billion (USD 11 billion) and loans and advances of ETB 111 billion (USD 5 billion). As of June 2016, it reported total assets of approximately ETB 386 billion (USD 17.4 billion).
Sources and Additional Information:
[2] MicroCapital Universe Profile: HomeSend
[3] MicroCapital Universe Profile: MasterCard
[4] MicroCapital Universe Profile: Commercial Bank of Ethiopia (CBE)
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