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Fintech remittance startup Mama Money, has announced aggressive expansion plans into Mozambique, Malawi, and Kenya by April. It has already expanded into Nigeria, Ghana, and Tanzania.
The company started off as a money transfer service from SA to Zimbabwe, but has since expanded to include 650 Mama Money agents and 32 000 cash points for consumers to utilise.
“In Zimbabwe, through Mama Money’s integration with financial institutions, we are reaching six million mobile wallets and two million bank accounts,” says co-founder of Mama Money, Raphael Grojnowski, in a press release to Ventureburn.
It has partnered with entities in different countries, such as 25 of the largest banks and mobile wallet VKash in Nigeria, MTN Mobile Money in Ghana, and EzyPesa in Tanzania, amoung others.
In SA, the company is registered with the South African Reserve Bank, which allows users to use the service without a bank account or ID.
“Our platform, software and service solutions are developed for African and emerging economies where the rise and growth of mobile money is coupled with increasing demand for affordable legal money transfer.
“Mama Money has developed a sophisticated platform capable of processing money transfers reliably and securely.”
It also recently launched an “Android family app” for senders in SA.
According to Grojnowski, Mama Money’s transfer fees are “dramatically less than the industry average of 12%” with a maximum of 5%. The company uses a sliding scale when determining fee rate.
Speaking about Mama Money, RMI’s senior investment executive and head of AlphaCode, Dominique Collett, says: “MamaMoney’s rapid expansion is testament to its ability to service a fundamental need of migrant workers in South Africa.
“This fintech startup is making significant strides in the area of financial inclusion by lowering the costs of financial services. It has a real impact on real people’s lives.”