South African-based cross-border money transfer operator Mama Money has joined forces with Access Bank and bank card issuer Paymentology, to launch a bank card service that uses WhatsApp banking.
In a statement, the fintech firm says through its integration with WhatsApp, the Mama Money Card allows users to transfer payments internationally, buy electricity and airtime, download bank statements, check balances and manage accounts using the messaging platform.
Founded in 2013, Mama Money started with money transfers from SA to Zimbabwe in 2015. Since then, the payment platform has used technology to become an inexpensive money transfer operator to more countries, providing services to Africa, Asia and Europe.
The Mama Money Card costs R100, with R25 monthly fees. To apply for the card, users register on the Mama Money App with either a passport or asylum document.
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.
This is a key feature for Mama Money’s customers in South Africa, who are mostly from countries such as Zimbabwe, Malawi, Ghana, Nigeria, India and many more, to easily get a bank card that gives them access to fundamental financial services and the ability to send money to over 70 countries worldwide, it notes.
Through Paymentology’s payment solution, it adds, the Mama Money Card offers security features that allow users to instantly freeze the card through WhatsApp in case of loss or theft.
Mathieu Coquillon, co-founder of Mama Money, comments: “The Mama Money Card represents a significant step in empowering communities, particularly in aiding migrants.
“It provides a platform for secure employer payments, encourages savings, and ultimately contributes to the financial well-being of its users. By catering to the specific needs of a diverse customer base, Mama Money continues to dismantle financial barriers and promote inclusivity.”
“At Paymentology, we are drawn to working with organisations that share our core values. That is incredibly true of our partnership with Mama Money, who are trailblazers in delivering inclusive financial solutions,” says Drisha Kirkman, head of programme management and sustainability at Paymentology.
“In a nation where an estimated four million migrants reside, with many not having access to essential financial services, initiatives such as this from Mama Money, powered by us, play a pivotal role in bridging the gap in financial inclusivity.”