Whish Money and Mastercard Partner to Boost Remittances in Lebanon
Whish Money, a leading Lebanese digital financial services provider, has partnered with Mastercard to significantly enhance remittance services. This collaboration improves access to international money transfers for consumers in Lebanon. The partnership enables Lebanese residents to send funds abroad to over 50 countries. Simultaneously, it allows Lebanese expatriates worldwide to send money home more efficiently.
Expanded Receiving and Funding Options
Depending on the destination, recipients can receive money through multiple channels. Funds can be deposited directly into bank accounts, mobile wallets, or collected as cash. Lebanese consumers can now fund their Whish Money wallets using both cash and cards. This marks the first time Mastercard has partnered with a Lebanese mobile wallet specifically for remittance services.
Leveraging Mastercard’s Global Infrastructure
The initiative integrates Mastercard Move, a comprehensive money movement solution. This system spans more than 200 markets and supports over 150 currencies. It reaches 95% of the world’s banked population through its extensive network. This infrastructure provides Whish Money with enhanced scalability, transparency, and faster processing for cross-border transfers.
Lebanon’s Significant Remittance Market
Lebanon remains one of the top remittance destinations in the MENA region. According to World Bank data, the country received approximately $6.4 billion in remittances during 2022. This places Lebanon third in the region after Egypt and Morocco. These incoming funds serve as a critical lifeline for households, especially given Lebanon’s ongoing economic challenges.
Leadership Perspectives on the Partnership
Toufic Koussa, co-founder and CEO of Whish Money, emphasized remittances’ vital role in supporting families. He highlighted how the Mastercard Move integration enables faster, more efficient, and secure remittance services. This directly addresses the needs of consumers who depend on international transfers for their livelihood.
Onur Kursun, executive vice president at Mastercard, noted the partnership’s dual benefits. It helps scale Whish Money’s cross-border operations while expanding Mastercard’s global payment network. He emphasized that this collaboration introduces new money transfer options for Lebanon while reinforcing Mastercard’s commitment to improving financial access.
Broader Implications for Financial Inclusion
This partnership combines Whish Money’s local expertise with Mastercard’s
global infrastructure. It establishes a foundation for a more inclusive and efficient remittance ecosystem in Lebanon. The collaboration strengthens financial resilience for individuals and families during economic uncertainty. Additionally, it sets a precedent for similar partnerships in other emerging markets facing remittance challenges.
Future Development and Market Impact
The partnership represents a significant step toward modernizing Lebanon’s financial services landscape. It demonstrates how local fintech companies can leverage global partnerships to enhance service offerings. This model could inspire similar collaborations across the Middle East region. Ultimately, it contributes to greater financial inclusion and economic stability for communities relying on remittance flows.
