by Staff Writer
The start-up aims to also expand into Mozambique, Malawi and Kenya by April
South Africa’s Mama Money is expanding its footprint into Nigeria – Africa’s biggest economy, Ghana and Tanzania using the network of its retail partner PEP.
The fintech firm focusing on money transfer service is also targeting to grow its business into Mozambique, Malawi and Kenya by April. It has also earmarked a country outside of Africa for entry later this year.
The company already assist for Zimbabweans living in South Africa to send money home in an affordable way.
“Our platform, software and service solutions are developed for African and emerging economies where the rise and growth of mobile money is coupled with increasing demand for affordable legal money transfer. Mama Money has developed a sophisticated platform capable of processing money transfers reliably and securely,” Mama Money co-founder, Raphael Grojnowski, said in a statement.
He said the biggest differentiator for Mama Money was trust and cost.
“Our total fees are charged on a sliding scale with a maximum fee of 5% – dramatically less than the industry average of 12%. There are no clearance periods or delays. Exchange rates and commission fees are completely transparent.”
He continues, “Central to our success in the SA-Zimbabwe corridor is the Mama Money registration agent network, the inbound and outbound call centre, our vendor network within SA to accept payments in cash or electronically, and successful integration with Zimbabwe’s financial institutions and mobile money deployments.”
In South Africa, people can register with the 650 Mama Money agents on the ground or with its primary retail partner which is PEP.
They can transfer money at any of its retailer partners which at 32 000 cash-in points or via bank transfer using a computer or mobile phone. In Zimbabwe, through Mama Money’s integration with financial institutions, the fintech firm is reaching 6 million mobile wallets and 2 million bank accounts.
Says Grojnowski, “We are licensed by The South African Reserve Bank, so people do not need a bank account or a SA ID document to use Mama Money, which is simple, accessible and fast. No smartphone or internet is required – the platform can be accessed without airtime, and even those with only basic literacy skills can use Mama Money.
In Nigeria, Mama Money is connected to the 25 biggest banks and a mobile wallet called VKash.
In Ghana, Mama Money is working with MTN Mobile Money and Airtel Money.
In Tanzania, Mama Money’s launch partners are Vodacom M-Pesa, EzyPesa and Airtel Money.
“We have also just launched our android family app that is available to senders in SA,” adds Grojnowski. “And we’re celebrating Mama Money’s second birthday.”