Introducing a New South African Bank Card for Managing Your Finances via WhatsApp
A revolutionary digital banking solution has launched in South Africa, providing cardholders with an easy way to manage their finances through WhatsApp.
Mama Money Financial Services, a fintech recognized for its cost-effective money transfer solutions, has rolled out the Mama Money Card in collaboration with Access Bank and Pick n Pay.
Mama Money cardholders can effortlessly handle their money and bank accounts via WhatsApp.
This cutting-edge bank card tackles the obstacles faced by millions of South Africans who find it challenging to open bank accounts and utilize traditional banking services.
Mama Money Services
Thanks to WhatsApp integration, Mama Money customers can easily oversee their accounts. Services include buying airtime or electricity, checking balances, freezing the card if it’s lost or stolen, and depositing cash.
Additionally, the card can be utilized for online shopping, in-store transactions, ATM withdrawals, and sending money to over 70 countries.
“The Mama Money Card significantly simplifies access to banking services for under-served communities,” stated Mathieu Coquillon, co-founder of Mama Money.
To sign up for Mama Money on your mobile device, simply provide proof of identity. Acceptable forms include:
- A South African ID
- A South African passport
- An Asylum document
“We have continuously sought ways to enhance the accessibility of financial services, customizing them to meet the needs of our diverse customer base,” Coquillon added.
“There has been a substantial demand from employers who previously compensated their staff in cash or through e-wallets while facing issues with sharing bank account details.”
“Each Mama Money Card features a unique account number, simplifying the process of salary payments and granting cardholders full control over their finances.”
How to Obtain the Mama Money Card
To get the card, users should download the Mama Money app, complete a quick registration process, and collect their card from selected Pick n Pay stores in Johannesburg, Cape Town, or Durban.
The card requires an upfront payment of R99, along with a monthly fee of R25. To celebrate the launch, new customers purchasing the card at Pick n Pay in November will have their initial monthly fee waived.
International money transfers come with a competitive fee of 5% or less, depending on the destination.
Reaching South Africa’s Unbanked Population
The Mama Money Card seeks to provide security, promote savings, and allow everyone to participate in the digital economy in a cost-effective and inclusive manner.
“With the widespread use of cellphones and WhatsApp in South Africa, this card eliminates barriers such as needing to visit a physical bank branch or ATM, making banking accessible to all,” Coquillon emphasized.
Are Digital Banks Taking Over Traditional Banks in SA?
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