Mama Money, one of Africa’s leading cross-border money transfer operators, has joined forces with Access Bank and Paymentology to launch a new bank card service that stands out for its innovative use of WhatsApp banking.
Through its integration with WhatsApp, the Mama Money Card enables users to transfer payments internationally, buy electricity and airtime, download bank statements and check bank balances as well as other services.
Significantly, users can register on the Mama Money App and apply for a card with either a passport or asylum document, marking it out from traditional banks where proof of address is often required to get a bank card. This ability to easily get a bank card and access basic financial services is expected to be a key feature as many of Mama Money’s customers in South Africa come from countries such as Zimbabwe, Malawi, Ghana, Nigeria and India, among others. The card costs R100 with R25 monthly fees.
Additionally, in case of loss or theft users can instantly freeze the card through WhatsApp using Paymentology’s next-generation payment solution.
Mathieu Coquillon, co-founder of Mama Money, said: “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.”
Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology added: “In a nation where an estimated 4 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.”
