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Cape Town-based Mama Money is proving to be one of Africa’s fastest-growing fintech’s as it continues to expand globally. This year, its cross-border money transfer volumes have more than doubled compared to the previous quarter with the company aiming to double its market share by developing new services as it enters new regions.
From 2018 to 2021, the company’s volume increased by over 600% as it enabled migrants in South Africa with an affordable and reliable way to send money to their families in countries such as Zimbabwe, Mozambique, Nigeria, India, Bangladesh, Pakistan, and many more.
Mama Money’s expanding footprint now reaches over 50 countries across Africa, Asia, and Europe, confirms its new chief executive, Nicolas Vonthron.
“What differentiates Mama Money is that our growth is not fuelled by external investments. Our business model balances fast growth, performance and operational efficiency with a very caring company culture. Our future prospects are extremely promising, but more importantly, the opportunity for social impact is even greater,” says Vonthron.
With more than 15 years’ experience in the mobile and payments industry at multinationals, he joined Mama Money in 2018.
Today, Mama Money is a well-known fintech that highlights how being rooted in social impact does not only drive immense growth by providing crucial services to underserved communities, but by centering its culture on values of tech-for-good, the company attracts staff who care about making a real difference.
The next stage of growth for the international payments fintech will come from new products, adds Vonthron. This includes a bank card to service millions of migrants in South Africa and an inbound payments service to facilitate money transfers into Africa and Asia from the rest of the world.
Mama Money’s evolution will see the fintech develop a customised suite of services that cater to the needs of millions of migrants. This may include affordable insurance and financial support services for critical needs such as healthcare and education.
“Our team culture is our greatest strength. The work we do has a tangible impact on millions of people’s lives. We solve fundamental challenges through innovative tech. It’s the strongest foundation we have,” adds co-founder Mathieu Coquillon.
He believes Mama Money’s human factor and culture remain the driving factor of its success. Even following a difficult but necessary restructuring, this has always remained at its core.
“It speaks to customers in the language of their choice and employs members of migrant communities to build trust and create jobs. Mama Money’s ethos is to empower people with access to crucial services that make life easier.”
Coquillon and fellow Mama Money co-founder Raphael Grojnowski have led the business since its launch in 2015. Both remain in the business, heading business units, catering to their strengths and working closely with teams to ensure the culture is maintained and the goals are achieved.