Mama Money, a South African fintech specialising in cross-border money transfer, has launched a new bank card that allows card holders to manage their accounts and money through WhatsApp.
The company launched the bank card in collaboration with Access Bank and Pick n Pay.
Why should you care?
According to the company, the Mama Money card aims to overcome the challenges faced by millions in the country where there are barriers to conventional banking services.
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.
Using WhatsApp, a Mama Money Card customer can easily manage their account. This includes:
- Buying airtime or electricity
- Depositing cash
- Checking account balances
- Instantly freezing the card if it has been lost or stolen
How can you access it?
Customers must first 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 up to 5%, depending on where the money is being sent.
The bigger picture
“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,” said Deven Moodley, executive head of value-added services in the financial services unit of Pick n Pay.
Source: Tech Central
About Author
