Local fintech firm Mama Money has made a rather important announcement in that it has partnered with Western Union to enable more cross border payments.
Before this partnership Mama Money’s footprint spanned 50 countries across Europe, Asia and Africa. The partnership with Western Union will assist Mama Money to grow a bit more rapidly.
But more than that, Mama Money notes that this partnership is great news for those who have been unable to make remittance payments during lockdown.
“When the April lockdown hit, we saw a massive drop in remittances leaving South Africa due to the restrictions on movement to paying for money transfers and uncertainty. Remittance outflows for certain countries dropped by 90%. However, we’ve seen a very swift recovery since May as economic activities began to resume,” co-founder at Mama Money, Mathieu Coquillon (pictured) said in a statement.
The key thing here is that Mama Money allows folks to make remittance payments directly from their phone.
In South Africa, Mama Money says that over 500 000 people make use of the service and thanks to this Western Union partnership, they will be able to make payments to more than 200 countries.
“Western Union’s robust and reliable network, coupled with Mama Money’s easy-to-use and reliable digital service, is a highly strategic partnership with massive potential for tapping into a broader remittance market especially for the unbanked population,” explains Coquillon.
While Mama Money is free to use, the firm does charge a fee for payments. This fee ranges from 3 percent to 0.1 percent, with fees dropping as the amount being sent increases.
Money can be sent via the app and customers can also make payments for their remittance orders at Pick n Pay, Boxer, Shoprite, Checkers, Cambridge, Boxer, Makro, and Game.
Alternatively, Mama Money offers a USSD code whereby you can send money as well. Dial *134*542# and follow the instructions.