Mama Money, a cross-border money transfer operator in Africa, has partnered with Access Bank and Paymentology to introduce a groundbreaking bank card service. This new offering leverages the popular messaging platform WhatsApp to provide a wide range of banking services, setting a new standard for financial accessibility and convenience.
Through WhatsApp, the Mama Money Card allows users to transfer payments internationally, purchase electricity and airtime, download bank statements, check balances, and manage accounts.
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The service is designed to be data-friendly, making it accessible even in areas with limited internet connectivity.
Affordable and Accessible Banking, even on WhatsApp
The Mama Money Card is priced at an affordable R100 with a monthly fee of R25. Registration is simplified through the Mama Money App, requiring only a passport or asylum document.
This eliminates the often cumbersome requirement of providing proof of address, making it significantly easier for Mama Money’s primary customer base—migrants from countries like Zimbabwe, Malawi, Ghana, Nigeria, and India—to obtain a bank card. This card enables them to access essential financial services and send money to over 70 countries worldwide.
Mathieu Coquillon, co-founder of Mama Money, highlighted the significance of this innovation: “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.”
Mama Money card’s Advanced Security boosts financial security
In partnership with Paymentology, the Mama Money Card incorporates advanced security features, including the ability to instantly freeze the card via WhatsApp in case of loss or theft. This ensures that users’ funds remain secure while they benefit from the convenience of mobile banking.
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Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology, emphasised collaboration’s importance: “At Paymentology, we are drawn to working with organisations that share our core values.
That is incredibly true of our partnership with Mama Money, a trailblazer in delivering inclusive financial solutions. In a nation where an estimated 4 million migrants reside, many do not have 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.”
By harnessing cutting-edge technology, this partnership has enabled Mama Money to expedite innovation in the financial services market while ensuring stringent regulatory compliance.
Launching the Mama Money Card by Access Bank, Paymentology, and Mama Money showcases a commitment to using technology for good, empowering underserved communities and enhancing financial inclusion.
