Mama Money Financial Services has developed a specialised Whatsapp-powered bank card to assist those who do not have access to conventional banking services. The fintech platform facilitates cost-effective money transfers among select underdeveloped countries. It has created this initiative to promote more financial participation by helping those who do not have easy access to the market.
Mama Money Card on WhatsApp
The project is a collaboration between Mama Money, a local fintech company, Pick n Pay, and Access Bank. With the card, customers can buy airtime or electricity, deposit cash, check account balances, and instantly freeze the card if lost or stolen. Customers can also use it for online or physical purchases, withdraw money from any ATM, and send money to over 70 countries worldwide.
Customers who want to sign up can download the Mama Money app (Android, iOS) and register within minutes. Then you’ll need to select a Pick n Pay branch in Johannesburg, Cape Town, and Durban to collect the card. The card costs a once-off R99 fee, and R25 monthly. New subscribers in November receive the first month free. Sending money overseas costs up to 5% depending on where you send it.
This initiative might prove quite useful to those who can not access traditional banking facilities, such as those in remote areas or the less tech-savvy, those who lack sufficient documentation, and those who can not afford exorbitant bank fees.
Pick n Pay’s executive head of value-added services, financial services, and mobile, Deven Moodley adds, “The Mama Money Card has significant 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.”
More financial inclusion promotes the economy as more people can participate and trade goods, the Mama Money Card should help many achieve that.