South African fintech Mama Money Financial Services has launched a new bank card that enables cardholders to manage their account and money through WhatsApp.
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.
Mama Money Card customers can now easily manage their account via WhatsApp, 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.
Mathieu Coquillon, co-founder of Mama Money, says: “We’ve 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. Each Mama Money Card comes with its own account number that makes it simple to pay salaries and gives cardholders full control of their money."
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 5% or less depending on destination.
“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," says Coquillon.