Bidvest Bank, Mastercard team up to provide international remittance service

4th December 2023 By: Darren Parker - Creamer Media Contributing Editor Online

Bidvest Bank, Mastercard team up to provide international remittance service

Mastercard Southern Africa country manager Gabriel Swanepoel, Bidvest Financial Services CEO Hannah Sadiki and Bidvest Bank CFO Tendani Sikhwivhilu

Global payment technology company Mastercard has partnered with financial services provider Bidvest Bank to provide a solution called Bidvest Bank BidSend that allows customers to send international remittances at their convenience. 

The new solution is facilitated by Mastercard Cross Border Services, a real-time payment network that enables users to send money to 103 countries and allows senders to select their beneficiary’s preferred choice of payouts as cash, onto a mobile wallet, or as bank account payments. 

Through this technology, Bidvest Bank aims to transform traditional remittance channels, allowing both account and non-account-bearing consumers to send money across borders at a competitive price. BidSend users can send international payments securely and be assured of receipt in near real-time, depending on the receiving country. 

World Bank data shows that remittances in sub-Saharan Africa amount to $54.44-billion, with research showing that about $95.6-billion flows into the continent yearly. Nigeria, Ghana, Kenya and Senegal receive the greatest remittance inflows, while South Africa is the largest sender of remittances to other countries in Africa. 

The new remittance platform promises to be familiar and easily accessible to all users. An additional feature is that users can also settle their payment transactions using either a debit or credit card at any time, thereby providing a large network of payout options for users to access, manage and control. 

Bidvest says the fees associated with the new solution are lower than traditional international payments, thereby making it more affordable and accessible. It also provides more options when it comes to managing international payments and accounts and promises to align better with how the payments landscape is evolving to meet customer demands. 

“MasterCard is delighted to collaborate with Bidvest Bank to make this level of payment ingenuity a reality for Bidvest Bank customers, giving MasterCard an opportunity to bring millions of people from underserved communities into the financial and digital economy,” Mastercard Southern Africa country manager Gabriel Swanepoel says. 

Bidvest Bank CFO Tendani Sikhwivhilu adds that for Bidvest Bank and Mastercard to be enabled through WhatsApp as a transactional channel is a first for Africa. 

“It leverages the latest technology to create an affordable and accessible solution that is cost-effective and efficient. By digitising money remittance on the WhatsApp platform, we are changing the payments narrative in the country, and we are ensuring it is inclusive by allowing anyone to use the solution and not just Bidvest Bank account holders,” Sikhwivhilu says.