Steward Bank partners with MasterCard

Steward Bank partners with MasterCard

HARARE, March 3 (The Source) – Telecoms giant Econet’s banking unit, Steward Bank has partnered with the global technology company MasterCard to launch cross boarder remittance services.

MasterCard is an American multinational financial services corporation headquartered in New York while Steward Bank has more than 1.5 million account holders.

The bank’s customers will be able to receive funds from abroad directly into their accounts through international money transfer hub HomeSend, a joint venture between MasterCard, eServGlobal and BICS.

“Remittances are an important source of foreign currency into Zimbabwe, amounting to US$1,8 billion in 2013 received via transfer agencies and formal channels,” said Steward Bank acting chief executive Lance Mambondiani in a statement on Tuesday.

There are plans to connect Econet’s money transfer service, Ecocash to HomeSend which will allow customers to receive remittances into their mobile money wallets.

Ecocash’s international debit card will also be used locally and internationally where MasterCard payment cards   are accepted.

In a separate statement Econet chief executive, Douglas Mboweni said the company’s insurance service, EcoSure, has registered over one million new customers.

He said the service has been registering more than 150,000 new customers per week, making it Zimbabwe’s largest micro-insurance provider by customers.