LONDON (Alliance News) - Shares in eServGlobal Ltd were up 17% Wednesday after it said its HomeSend joint venture has expanded its global framework agreement with Vodafone Group PLC for its M-Pesa service, including the launch of remittance services into five new markets during 2016.
HomeSend, a joint venture with MasterCard Inc and BICS, is a financial service that allows customers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets. M-Pesa is a mobile banking service designed for users who have access to a mobile phone, but not a bank account.
Vodafone said that the expanded agreement with allow remittances for M-Pesa users in the Democratic Republic of Congo, Ghana, Lesotho, Mozambique and Albania.
HomeSend has already launched inbound remittance services with M-Pesa in Kenya, Tanzania and Romania.
"Vodafone is a pioneer in domestic mobile money services. HomeSend, as the leading global payments hub, remains a natural partner for Vodafone to connect their domestic deployments to users worldwide. We are thrilled to expand our work with Vodafone to bring all-important, cost-effective money transfer services to M-Pesa customers in even more countries," said HomeSend Chief Executive Officer Stephen Doyle in a statement.
Shares in eServGlobal were up 17% at 3.35 pence, whilst shares in Vodafone were down 0.1% at 213.80 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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