Mama Money Launches WhatsApp Banking Card to Simplify Access to Finance
Jun 26, 2024
June 25, 2024Paymentology, the global issuer-processor has partnered with Mama Money, the African cross-border money transfer operators, and Access Bank, to launch a new bank card service that will utilise WhatsApp banking. By launching the Mama Money Card (costing R100 with R25 monthly fees), Access Bank, Paymentology , and Mama Money demonstrate their commitment to using tech for good that empowers underserved communities through access to critical financial services. Through its integration with WhatsApp , the card allows users to transfer payments internationally, buy electricity and airtime, download bank statements, check balances and manage their account using the data-friendly messaging platform. Mathieu Coquillon, co-founder of Mama MoneyMathieu Coquillon , co-founder of Mama Money, emphasises the partnership’s impact: “The Mama Money Card represents a significant step in empowering communities, particularly in aiding migrants. It provides a platform for secure employer payments, encourages savings, and ultimately contributes to the financial well-being of its users. By catering to the specific needs of a diverse customer base, Mama Money continues to dismantle financial barriers and promote inclusivity.”Simplifying access to financeThe new card makes it much easier than traditional banks that often require proof of address to get a bank card. This is a key feature for Mama Money’s customers in South Africa, who are mostly from countries such as Zimbabwe , Malawi, Ghana, Nigeria , India and many more, to easily get a bank card that gives them access to fundamental financial services and the ability to send money to over 70 countries worldwide. Through Paymentology’s next-generation payment solution, the cross-border transfer provider’s card also offers advanced security features that allow you to instantly freeze the card through WhatsApp in case of loss or theft. Drisha Kirkman, head of programme management and sustainability at PaymentologyBy embracing cutting-edge technology, the partnership has allowed Mama Money to fast-track innovation in the market while maintaining the highest levels of regulatory compliance. “At Paymentology, we are drawn to working with organisations that share our core values. That is incredibly true of our partnership with Mama Money who are trailblazers in delivering inclusive financial solutions,” said Drisha Kirkman, head of programme management and sustainability at Paymentology. “In a nation where an estimated four million migrants reside with many not having access to essential financial services, initiatives such as this from Mama Money, powered by us, play a pivotal role in bridging the gap in financial inclusivity .”Author
