A South African fintech company specializing in cross-border remittances has launched a new bank card that allows cardholders to manage their accounts and money via WhatsApp. Mama Money Financial Services has launched the bank card in partnership with Access Bank and Pick n Pay.
“The Mama Money Card aims to overcome the challenges faced by millions of people in the country due to the barriers of traditional banking services,” the company said in a statement on Tuesday.
“Using WhatsApp, Mama Money Card customers can easily manage their accounts, including buying airtime and electricity, depositing cash, checking their account balances and instantly blocking their cards if they are lost or stolen.” The card can be used to send money to more than 70 countries around the world.
“The Mama Money Card makes it much easier for underserved communities to access their banking services. All you need is a form of identification such as a passport, asylum document or South African ID card to register for Mama Money on your mobile phone,” he continued.
Mama Money co-founder Mathieu Coquillon said the company had “experienced strong demand from employers who previously paid their employees with cash or e-wallets, and who had issues with employees sharing their bank account details.”
“Each Mama Money card has a unique account number, simplifying payroll and giving cardholders full control over their money,” he said in a statement.
To sign up, customers simply download the Mama Money app, register within minutes and collect their card at selected Pick n Pay stores in Johannesburg, Cape Town or Durban. The card has a one-off cost of R99 and a monthly fee of R25. For international transfers, there is a fee of up to 5% depending on the destination.
“The Mama Money Card has great potential to reach unbanked South Africans. Convenient access via WhatsApp removes barriers such as bank branches and ATMs that often limit banking options,” says Deven Moodley, Head of Value Added Services, Financial Services at Pick n Pay.
“Given the high usage of mobile phones and WhatsApp in South Africa, the service makes core banking and payment facilities more accessible.
