The new service, which was announced at the US-Africa Business Forum and will be available before the end of the year, will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.

Launched in 2014 through a joint venture between MasterCard, eServGlobal and BICS, HomeSend allows business-to-business cross-border and cross-network transfers, while consumers can send money to and from mobile money accounts, payment cards, bank accounts or cash outlets.

The service is free for receivers and accessible to anyone with a mobile number, with the aim being to provide citizens - especially those previous lacking access to formal financial services - with a safe and convenient financial solution. The remittances market is estimated to be worth US$3.5 billion in Ethiopia.

"We are committed to helping develop a more inclusive economy, and displacing cash in Ethiopia and across Africa. It's through digital payment solutions such as HomeSend that we are financially empowering people who need it the most," said Daniel Monehin, division president for Sub-Saharan Africa at MasterCard.

"Cash remains the biggest barrier to financial inclusion in Africa. By empowering communities through technology, we provide access to formal financial services which brings with it the opportunity to prosper."

The National Bank of Ethiopia has previously established several financial inclusion goals in areas such as digital financial services, financial literacy, and payment systems, with Bekalu Zeleke, president of CBE, saying the new HomeSend service was in line with those.

"At the CBE, we believe that embracing technology is integral to bringing the best possible service to our customers. HomeSend is an example of how, when working with the right partner, like Mastercard, a financial institution can improve the lives of its customers," he said.

HomeSend and other MasterCard remittance efforts are expected to reach more than 70 markets in 2016, including a number of new mobile money markets.