Key Developments
SA's Mama Money Partners Access Bank, Paymentology to Launch WhatsApp-Based Bank Card
South African fintech startup Mama Money has partnered with global banking leader Access Bank and card issuing company Paymentology to launch a first-of-its-kind bank card service powered entirely through WhatsApp.
Mama Money, known for its mobile app that facilitates international money transfers, has over 720,000 users, many of whom are immigrants from Zimbabwe, Malawi, Ghana, Nigeria, and India.
The new Mama Money Card allows these users to seamlessly integrate their finances via the communication platform.
Through WhatsApp, users can conduct international money transfers, purchase airtime and electricity top-ups, access bank statements, check balances, and manage their accounts – all without incurring high data charges.
This eliminates a significant barrier for many migrants who may have limited access to traditional banking services.
The Mama Money Card goes beyond convenience. Paymentology’s cutting-edge technology ensures robust security features, allowing users to instantly freeze their cards via WhatsApp in case of loss or theft.
“The Mama Money Card is a major step forward in empowering communities, especially migrants,” said Mama Money co-founder Mathieu Coquillon.
“It provides a secure platform for employer payouts, fosters a culture of saving, and ultimately improves the financial well-being of our users.”
This new offering caters directly to the needs of South Africa’s migrant population, providing them with a secure and accessible way to manage their finances and send money back home.
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