Mama Money, a based-in-South Africa mobile money fintech has announced a partnership with Western Union. Mama Money will now use Western Union’s Global Network to enable customers to transfer funds to their loved ones from outside the country.
Mathieu Coquillon and Raphael Grojnowski founded Mama Money in 2015 to provide an affordable means for customers to remit money through an extensive payment network. It also lowers cross-border payments for low-income earners.
Mama Money has suddenly experienced a peak in revenue, since May. This growth can be contributed to the restrictions in remittances as a result of the COVID-19 pandemic. People in the diaspora can make remittances to their loved ones for as low as 0.1% for large transactions, from over 50 countries.
On average, the customer is charged 3% per transaction. Through this partnership with Western Union, South African users can send money via their apps to over 200 countries across border.
The Mama Money app can be downloaded for free via the Google Play Store and the Apple App Store. Customer can also transfer via the USSD code: *134*542#.
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