Having started out by testing their business model by enabling Zimbabweans living in South Africa to send money to Zimbabwe at relatively reasonable fees, Mama Money has expanded to Nigeria, Ghana and Tanzania with expansion into Mozambique, Malawi and Kenya set for April 2017.
“Our platform, software and service solutions are developed for African and emerging economies where the rise and growth of mobile money is coupled with increasing demand for affordable legal money transfer. Mama Money has developed a sophisticated platform capable of processing money transfers reliably and securely.” said Raphael Grojnowski , Mama Money co-founder, on their expansion.
Grojnowski added that trust and cost are their biggest differentiators. Mama Money says that their total fees are charged on a sliding scale with a maximum fee of 5% per transaction, lower than some of the bigger money transfer brands and dramatically less than the industry average of 12%.
Mama Money Kiosk
In Nigeria, Mama Money is connected to the 25 biggest banks and a mobile wallet called VKash. In Ghana, Mama Money is working with MTN Mobile Money and Airtel Money. In Tanzania, Mama Money’s launch partners are Vodacom M-Pesa, EzyPesa and Airtel Money.
“MamaMoney’s rapid expansion is testament to its ability to service a fundamental need of migrant workers in South Africa. This fintech startup is making significant strides in the area of financial inclusion by lowering the costs of financial services. It has a real impact on real people’s lives.” said Dominique Collett, RMI’s senior investment executive and head of AlphaCode (where Mama Money is a gold member).
The company has also just launched its Android app currently only available for those sending money from South Africa.