- The Mama Money Card costs R99 once-off with a monthly fee of R25 and is available at selected Pick n Pay stores in Johannesburg, Cape Town, and Durban.
- Through WhatsApp customers can easily manage their card, send money to over 70 countries worldwide, and buy electricity, airtime or data.
- As a launch offer, new customers who get their Mama Money Card this November will get their first monthly account fee of R25 for free.
CAPE TOWN, South Africa, 14th November 2024 -/African Media Agency (AMA)/- Mama Money Financial Services, a fintech specialising in cost-effective money transfers, has launched a new bank card that enables cardholders to manage their account and money through a custom-made WhatsApp solution.
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.
Using WhatsApp, a Mama Money Card customer can easily manage their account. This includes 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 Mama Money Card.
“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. We’ve always sought ways to make financial services more accessible and tailored to the needs of our unique customer base,” says Mathieu Coquillon, co-founder of Mama Money.
“We’ve seen a 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 a unique account number that makes it simple to pay salaries and gives cardholders full control of their money,” added Coquillon.
To sign up for the Mama Money Card, 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 where you are sending money to.
All new customers who buy their Mama Money Card from Pick n Pay this November will receive their first monthly fee for free.
The Mama Money Card offers more than just a banking service. “It provides security, supports employment and promotes secure savings, improving the livelihoods of our customers,” states Coquillon.
“The Mama Money Card has big 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. Given South Africa’s high cellphone and WhatsApp usage, this service is making essential banking and payment functions more accessible. Pick n Pay is proud to support this innovative, tailored solution through our extensive store network, bringing financial inclusion one step closer to everyone – something we have always promoted,” said Deven Moodley, Executive Head of Value-Added Services, Financial Services, and Mobile at Pick n Pay.
Understanding that financial inclusion delivers opportunities for access to the formal and digital economy, the launch of the Mama Money Card is a testament to both companies’ commitment to empowering people by making it easier and more affordable to access fundamental financial services.
Distributed by African Media Agency (AMA) on behalf of Mama Money
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