HomeSend, a collaboration between eServ Global, BICs, Mastercard, and the Commercial Bank of Ethiopia, will aim to battle the usage of cash in the country. With the Ethiopian remittance market worth US$3.5bn every year, withdrawing in cash is no longer a viable option. The new HomeSend venture wants to address this problem by offering a digital withdrawal alternative. Mastercard Sub-Saharan Africa’s Division President Daniel Monehin stated:“One of the things that drives what we do is this shadow economy; it’s one of the banes of development. As a result, all of the funds is transferred in a digital format, and effectively cuts off the lifeblood to the shadow economy.

Source: Ethiopian News December 05, 2016 14:42 UTC