Through strategic alliances with Pick n Pay and Access Bank, the South African fintech business Mama Money introduces a cutting-edge banking service. The partnership unveils a bank card that uses WhatsApp to revolutionise the nation’s access to financial services.
Mama Money Financial Services is a fintech company that specialises in cost-effective money transfers.
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The new banking solution fills important holes in South Africa’s financial system. Historically, substantial segments of the population have been shut out of official financial services due to traditional banking obstacles such as paperwork requirements, exorbitant fees, and restricted branch access. Mama Money’s card, which is powered by WhatsApp, makes an alternate route to financial services possible.
By integrating WhatsApp, cardholders can access extensive financial services. Customers may deposit money, buy electricity tokens, buy airtime, check their account balances, and quickly protect their cards in case they are misplaced. With this solution, customers can withdraw money from any ATM, shop online or swipe in stores to buy goods, and send money to over 70 countries worldwide using their Mama Money Card.
Mathieu Coquillon, co-founder of Mama Money stated “The Mama Money Card is making it much easier for under-served communities to get their own bank service where all they need is proof of identity such as a passport, asylum document or South African ID to register for Mama Money on their phone. We’ve always sought ways to make financial services more accessible and tailored to the needs of our unique customer base.”
He also added, “We’ve seen a big demand from employers who previously paid their staff in cash or via e-wallet or have issues with employees sharing bank account details. Each Mama Money Card has a unique account number that makes it simple to pay salaries and gives cardholders full control of their money.”
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Customers who want to use the Mama Money Card will need to download the Mama Money app and register within minutes before collecting their card from selected Pick n Pay stores. It is available in Cape Town, Durban, and Johannesburg.
However, it attracts a monthly fee of R25 and a once-off cost of R99. In addition, sending money abroad attracts 5% or less, depending on the destination of the money.
Deven Moodley of Pick n Pay highlights the initiative’s importance in promoting financial inclusion. The involvement of the retail network guarantees greater accessibility and distribution of financial services, which is especially advantageous for areas with limited access to conventional bank branches.
The integration of the WhatsApp platform offers exceptional benefits. Users do not need to learn new banking apps because they can manage their accounts using a recognisable messaging interface. This method makes money management more accessible for individuals with varying technical knowledge.