South African fintech Mama Money Financial Services has introduced a new bank card that allows cardholders to manage their accounts and finances through WhatsApp.
In partnership with Access Bank and Pick n Pay, the Mama Money Card addresses the challenges faced by millions in South Africa who encounter barriers to traditional banking services.
With the Mama Money Card, customers can conveniently manage their accounts via WhatsApp, which includes the ability to purchase airtime or electricity, make cash deposits, check account balances, and instantly freeze the card if it’s lost or stolen. Users can also shop online, make purchases in stores, withdraw cash from any ATM, and send money to over 70 countries worldwide using their card.
Mathieu Coquillon, co-founder of Mama Money, explains, “We’ve seen significant demand from employers who previously paid their staff in cash or via e-wallets, or faced issues with employees sharing bank account details. Each Mama Money Card is assigned its own account number, simplifying salary payments and providing cardholders full control over their finances.”
To sign up, customers can download the Mama Money app and complete their registration within minutes before picking up their card at selected Pick n Pay stores in Johannesburg, Cape Town, or Durban. A one-time fee of R99 is required for the card, along with a monthly fee of R25. For international money transfers, the fee is 5% or less, depending on the destination.
Coquillon adds, “The Mama Money Card is facilitating access to banking services for under-served communities, requiring only proof of identity such as a passport, asylum document, or South African ID for registration on the Mama Money app.”