eZi Remit, a South African-based remittance fintech, has partnered with Mastercard to improve the speed, security and accessibility of cross-border payments across Africa and other international markets.

Powered by Mastercard Move, Mastercard's global money movement platform, the collaboration will enable eligible customers in South Africa to send money internationally across 25 countries, including Zimbabwe, India, Kenya, Ghana, Bangladesh, Saudi Arabia, the United Arab Emirates, Mozambique, Malawi, Zambia and the Democratic Republic of Congo.

Recipients will be able to access funds through different channels depending on the receiving market, including bank accounts, mobile wallets and cash collection points.

Expanding Access to Cross-Border Payments

The partnership is aimed at simplifying international money transfers for underserved and underbanked communities, as well as the large diaspora populations living in South Africa.

Cross-border remittances remain an important source of financial support for households across Africa, helping families meet everyday needs while supporting livelihoods and trade. For many migrant and informal workers, sending and receiving remittances can also represent their first interaction with formal financial services.

The eZi Remit and Mastercard collaboration seeks to bridge cash and digital payment ecosystems through retail and agent networks. The solution will support secure, near real-time transactions in supported corridors while providing greater transparency and flexibility in how recipients access their funds.

Addressing the Cost of Remittances

High transaction costs remain a major barrier to financial inclusion across Africa. According to World Bank data cited in the announcement, remittance fees in Sub-Saharan Africa average around 8.37%, while traditional bank transfers can cost an average of 13.4%, making the region one of the most expensive places in the world to send money.

By combining eZi Remit's reach within diaspora communities with Mastercard's global payment infrastructure, the partnership aims to improve affordability, transaction speed and pricing transparency.

The companies also expect the collaboration to encourage greater use of formal financial channels and support a more interoperable cross-border payments ecosystem.

Mastercard Move Powers Global Money Transfers

Mastercard said its Mastercard Move platform enables banks, businesses, non-bank financial institutions, digital platforms and governments to send and receive funds across borders and payment types.

The platform supports money movement across more than 200 countries and territories and more than 150 currencies, reaching nearly 17 billion endpoints and 95% of the world's banked population.

Gabriel Swanepoel, Division President for Africa at Mastercard, said the collaboration would help communities across the continent access faster, more secure and more accessible cross-border payments.

For eZi Remit, the partnership represents an effort to reduce the cost and complexity of sending money across borders while strengthening financial access for migrant communities and their families.