Paris, 9 July 2013
eServGlobal and their strategic business partner, BICS, announce the launch of HomeSend remittance services to Telesom, the leading mobile network operator in Somaliland.
Telesom operates a successful mobile money program in Somaliland called Telesom ZAAD. Launched in 2009, Telesom ZAAD quickly gained traction and is currently used by over 40% of Telesom’s customers. Telesom ZAAD is one of the 14 GSMA Mobile Money Sprinters and is recognised as one of the most successful mobile money services in the world.
Formal banking infrastructure in Somaliland is extremely limited and the ZAAD mobile money service was launched with the specific objective to bring financial inclusion to Somaliland and to bring the informal economy into the formal space.
The World Bank’s Global Financial Inclusion Database (Findex) identified Somalia as one of the most attractive mobile money markets: 26% of the population reported using mobiles to pay bills, which is the highest rate in the world, and 32% to send and receive money. Most of this mobile money activity has been driven by Telesom ZAAD.
The launch of remittance services with HomeSend will enable Telesom ZAAD users to receive money transfers sent directly to their mobile wallets from their loved ones overseas. The Somaliland Government identifies remittances and the diaspora community as playing an important role in supporting and reconstructing the country. Most of the diaspora community live in Western Europe and the Gulf countries.
Paolo Montessori, eServGlobal CEO & Managing Director, commented, “This announcement underlines the strength and reach of our commitment to Africa and to the unbanked community. With over 300 million users in Africa currently under contract coverage, we are working to swiftly deploy these services and launch new corridors, putting international money transfer within the reach of users across the continent.”
HomeSend has a leading footprint in Africa, encompassing almost all leading operator groups on the continent. HomeSend is a service offered by BICS, its strategic business partner, based on eServGlobal technology.