PURCHASE, N.Y.–Mastercard announced it is expanding its HomeSend program into Ethiopia, allowing the country’s more than 100 million people to more easily send remittances.
The company said that overall, an estimated 20 million to 30 million African immigrants send $40 billion back to their home country annually.
“More importantly, it provides access to a safe and convenient financial solution, bridging the gap for the 78% of adults in Ethiopia still excluded from the formal financial sector,” Mastercard said.
It added it has already developed a remittances partnership with the Democratic Republic of Congo, Ghana, Mozambique and Zimbabwe.
“But our effort extends well beyond remittances,” Mastercard continued. “We know how becoming financially included can transform economies and lives. Families now receive government social payments on a Mastercard prepaid card in South Africa. Women are enrolling and receiving their first form of government issued identification in Nigeria that also includes payment functionality. These programs have the potential to empower people and bring greater security and dignity. In fact, McKinsey just released a new report today that cites the potential to provide access to financial services for 1.6 billion people in emerging economies, more than half of them women.”
Mastercard said its goal is to connect 500 million people by 2020.