South African fintech company Mama Money, known for its affordable money transfer services, has introduced an innovative banking solution: the Mama Money Card. This unique offering allows users to manage their finances and perform essential banking functions directly through WhatsApp.
Developed in collaboration with Access Bank and Pick n Pay, the Mama Money Card is a game-changer for South Africans facing barriers to traditional banking services.
Key Benefits at a Glance
| Feature | Details |
|---|---|
| Cost | R99 (one-off), R25/month (waived for November) |
| Transaction Features | Airtime, electricity, cash deposits, balance checks |
| Card Management | Freeze/unfreeze via WhatsApp |
| Accessibility | No proof of residence needed; only ID |
| International Transfers | Over 70 countries, 5% or less in fees |
| Availability | Pick n Pay stores in major cities |
How the Mama Money Card Works
The Mama Money Card offers a suite of features accessible through WhatsApp, South Africa’s most widely used messaging platform. Here’s what you can do with the card:
- Everyday Banking: Buy airtime and electricity, deposit cash, and check your balance.
- Card Management: Freeze or unfreeze your card instantly if lost or stolen.
- International Money Transfers: Send money to over 70 countries at a fee of 5% or less.
- Transactions: Swipe in-store, shop online, or withdraw cash at ATMs nationwide.
These functionalities make banking easy and affordable for those with access to a basic mobile phone and WhatsApp.
Why the Mama Money Card is Different
According to Mathieu Coquillon, co-founder of Mama Money, the card is a tailored solution for underserved communities.
“We’ve always sought ways to make financial services more accessible and tailored to the needs of our unique customer base,” says Coquillon.
For employers, the card simplifies salary payments. Instead of using e-wallets or cash payments that are prone to risks and complications, employers can pay directly into employees’ personal Mama Money accounts. This ensures employees have full control of their money.
Affordable Banking for Everyone
The Mama Money Card is also cost-effective:
- Card Price: R99 once-off.
- Monthly Fee: R25 (waived for new customers signing up in November).
- International Transfers: Fees as low as 5% or less, depending on the destination.
These rates are far more affordable than traditional banking alternatives, making it ideal for low-income earners and those sending money abroad to support their families.
Related: Affordable Smartphones Under R300
Convenience Through Partnerships
The collaboration between Mama Money, Access Bank, and Pick n Pay ensures that the service is widely available. Customers can sign up for a Mama Money account via the app, complete the registration process in minutes, and collect their cards at selected Pick n Pay stores in Johannesburg, Cape Town, or Durban.
Deven Moodley, Executive Head of Value-Added Services at Pick n Pay, highlights the partnership’s significance:
“With convenient access through WhatsApp, it removes barriers like physical bank branches or ATMs that often limit banking options. Pick n Pay is proud to support this innovative solution through our extensive store network.”
Supporting Financial Inclusion
The Mama Money Card is more than just a banking product. It promotes:
- Security: Customers no longer need to carry large sums of cash, reducing the risk of theft.
- Savings: It enables secure savings that are easily accessible.
- Empowerment: The card encourages independence for individuals, giving them control over their money.
As Coquillon explains, the service is designed to uplift the livelihoods of its customers by offering practical, accessible financial tools.
A Step Towards Financial Empowerment
With South Africa’s high rate of WhatsApp usage, the Mama Money Card has the potential to bring millions of unbanked individuals into the formal financial sector. By leveraging accessible technology and strategic partnerships, Mama Money is making a significant contribution to financial inclusion and economic empowerment.
The launch is a reminder of how innovation can tackle some of the biggest challenges in society, helping more people secure their financial futures.
How to Get the Mama Money Card
Signing up is easy and fast:
- Download the Mama Money app on your smartphone.
- Register using your passport, asylum document, or South African ID.
- Pick up your card from selected Pick n Pay stores in Johannesburg, Cape Town, or Durban.
With a fee waiver for new customers in November, there’s no better time to join.
Sign up today via the Mama Money app and collect your card at Pick n Pay stores near you. New customers signing up in November enjoy ZERO monthly fees!