Mama Money Financial Services, a fintech company that specializes in affordable money transfers, developed in partnership with Access Bank and Pick n Pay has introduced a new bank card that lets users handle their money and account using a specially designed WhatsApp app.
The Mama Money Card attempts to address the difficulties that millions of people in the nation encounter when access to traditional financial services is restricted.
A Mama Money Card user can conveniently manage their account with WhatsApp. This includes monitoring account balances, making cash deposits, purchasing electricity or airtime, and immediately freezing the card if it is lost or stolen. Additionally, customers can use their Mama Money Card to send money to more than 70 countries worldwide, withdraw cash from any ATM, and shop online or swipe in-store.
According to Mama Money Co-founder, Mathieu Coquillon: “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,” Coquillon added.
Continuing, Coquillon went on to say: “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 comes with a unique account number that makes it simple to pay salaries and gives cardholders full control of their money.”
Customers may download the Mama Money app, register, and pick up their card at specific Pick & Pay locations in Johannesburg, Cape Town, or Durban in a matter of minutes. The card has a one-time fee of R99 and a monthly fee of R25. Depending on the destination, the price for transferring money overseas is 5% or less.
This November, Pick n Pay will waive the first monthly cost for all new clients who purchase a Mama Money Card.
According to Mama Money’s Co-founder, there is more to the Mama Money Card than just banking. He said: “It provides security, supports employment, and promotes secure savings, improving the livelihoods of our customers.”
Furthering, Deven Moodley, Pick n Pay’s Executive Head of Financial Services, Mobile, and Value-added services had this to say to BrandSpur banking and finance news desk: “The Mama Money Card has big 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. Given South Africa’s high cellphone and WhatsApp usage, this service is making essential banking and payment functions more accessible.
“Pick n Pay is proud to support this innovative, tailored solution through our extensive store network, bringing financial inclusion one step closer to everyone – something we have always promoted,” Moodley added.
The introduction of the Mama Money Card is evidence of both businesses’ dedication to empowering people by making it simpler and more affordable to obtain essential financial services, as they recognize that financial inclusion creates opportunities for access to the formal and digital economy.
