A South African fintech specialising in cross-border money transfer has launched a new bank card that allows card holders to manage their account and money through WhatsApp.
Mama Money Financial Services has launched the bank card in collaboration with Access Bank and Pick n Pay.
“The Mama Money Card aims to overcome the challenges faced by millions in the country where there are barriers to conventional banking services,” the company said in a statement on Tuesday.
“Using WhatsApp, a Mama Money Card customer can easily manage their account. This includes buying airtime or electricity, depositing cash, checking account balances and instantly freezing the card if it has been lost or stolen.”
Customers can also shop online or swipe in stores to buy goods, withdraw money from any ATM and send money to over 70 countries worldwide using their card, the company said.
“The Mama Money Card is making it much easier for underserved 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,” it added.
Mathieu Coquillon, co-founder of Mama Money, said the company has seen “big demand from employers who previously paid their staff in cash or via e-wallet or have issues with employees sharing bank account details”.
Pick n Pay partnership
“Each Mama Money Card comes with its own account number that makes it simple to pay salaries and gives card holders full control of their money,” he said in the statement.
To sign up, customers can download the Mama Money app and register within minutes before collecting their card from selected Pick n Pay stores in Johannesburg, Cape Town or Durban. There is a once-off cost of R99 for the card and the monthly fee is R25. For sending money abroad the fee is up to 5%, depending on where money is being sent.
A promotional video published by Mama Money:
“The Mama Money Card has significant potential to reach South Africa’s unbanked population. With convenient access through WhatsApp, it removes barriers like physical bank branches or ATMs that often limit banking options,” said Deven Moodley, executive head of value-added services in the financial services unit of Pick n Pay.
“Given South Africa’s high cellphone and WhatsApp usage, this service makes essential banking and payment functions more accessible.” — © 2024 NewsCentral Media
Get breaking news from TechCentral on WhatsApp. Sign up here
