South African-based cross-border money transfer operator Mama Money has expanded its WhatsApp-based banking solution beyond Gauteng, amid strong demand from underserved communities.
In June, the fintech announced a bank card service that uses WhatsApp banking to allow users to transfer payments internationally, buy electricity and airtime, download bank statements, check balances, manage accounts using the messaging platform, and send money to over 70 countries worldwide.
According to a statement, the Mama Money Card, introduced in collaboration with Access Bank and Pick n Pay, aims to overcome the challenges faced by millions of South Africans who face barriers to conventional banking services.
The card is now available across major Pick n Pay retailers in Johannesburg, Durban and Cape Town – with other retailers to be added to the network, says the fintech firm.
The Mama Money Card costs R99, with a R25 monthly fee. To send money abroad, the fee is 5% or less, depending on where the money is being sent.
To apply for the card, users register on the Mama Money app with either a passport, asylum document, or South African ID.
According to the company, this makes it much easier to set up, as traditional banks often require proof of address to issue a bank card.
“We’ve seen big demand from employers who previously paid their staff in cash or via e-wallet, or have issues with employees sharing bank account details,” says Mathieu Coquillon, co-founder of Mama Money.
“Each Mama Money Card comes with its own account number that makes it simple to pay salaries and gives cardholders full control of their money.”
Using WhatsApp, Mama Money Card customers can manage their accounts, which are linked to Access Bank. Clients can also shop online or swipe in stores to buy goods, or withdraw money from any ATM.
Founded in 2013, Mama Money started with money transfers from SA to Zimbabwe in 2015. Since then, the payment platform has used technology to help users transfer money to more countries, providing services to Africa, Asia and Europe.
To sign up, customers download the Mama Money app and register, before collecting their card from selected Pick n Pay stores.
"The Mama Money Card has significant potential to reach SA’s unbanked population. With convenient access through WhatsApp, it removes barriers like physical bank branches or ATMs that often limit banking options,” says Deven Moodley, executive head of value-added services, financial services and mobile at Pick n Pay.
“Given SA’s high cellphone and WhatsApp usage, this service makes essential banking and payment functions more accessible.
“Pick n Pay is proud to support this innovative, tailored solution through our extensive store network, bringing financial inclusion one step closer to everyone − something we have always promoted.”
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