Fintech firm Mama Money has announced a deal that will enable the start-up’s customers to remit money around the world via Western Union’s global footprint.
Launched in 2015, Mama Money covers more than 50 countries, providing services to Africa, Asia and Europe.
Mama Money uses a mobile app for international money transfers, which also allows customers to register using only their phones by uploading pictures of their ID, passport, refugee status or asylum documents.
Customers can then start sending money across borders once approved within 24 hours.
To send money, customers can make payments directly from their bank account or pay for their order at any major retailer in South Africa, such as Pick n Pay, Boxer, Shoprite, Checkers, Cambridge, Boxer, Makro and Game.
In a statement, the company says Mama Money has grown by over 10 times over a three-year period, starting with six employees in 2015 to over 120 staff members currently.
Announcing the Western Union partnership, Mama Money says the deal is set to fast-track its growth in the international money transfer business.
Soon, Mama Money says: “More than 500 000 customers in SA will be able to send money from their phones for payout in over 200 countries and territories around the world through Western Union’s extensive network.”
It says Western Union’s open platform strategy will broaden Mama Money’s reach and enable international cross-border money movement in minutes, through its core cross-border assets.
Mathieu Coquillon, co-founder of Mama Money, comments: “Western Union’s robust and reliable network, coupled with Mama Money’s easy-to-use and reliable digital service, is a highly strategic partnership with massive potential for tapping into a broader remittance market, especially for the unbanked population.
“Innovative collaborations such as these will continue to shape global business models, while enhancing customer experience and retaining their loyalty,” says Mohamed Touhami El Ouazzani, regional vice-president, Africa, Western Union.
“It is an integration of our strengths as we continue to drive connections by enabling enterprises to scale their business offerings worldwide, leveraging our money movement platform,” adds Ouazzani.
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