How Mama Money is Lowering The Cost of Money Transfers into Africa & Asia
Mama Money, a small but rapidly growing startup company based in Cape Town, is shaking up the multi-billion dollar remittance industry by drastically reducing the price of international money transfers into Africa and Asia with fees as low as 3%.
Africa is by far the most expensive continent to send money to with research from the World Bank showing that it costs 20% more compared to any other region.
Mama Money is changing this by making it highly affordable to send money across Africa and Asia using a simple mobile application.
Using tech for good
“We saw how the development of mobile technology made it easy to simplify the money transfer process and make it much cheaper for migrant workers to send more money home and promote financial inclusion,” said co-founder Mathieu Coquillon.
“In South Africa there are millions of migrant workers who are being overcharged for sending their hard-earned money home to their families. We saw this as a major opportunity to help these communities.”
Growing in the fast-lane
We are currently live with international money transfers to 16 countries across Africa and Asia. By the end of this year we expect to be live in 30 countries and by 2020 we aim to be operating in over 50 countries.
A bright future for remittances
“Our company culture is extremely important to us. We take care and reward our employees while always putting the customer first, and we’ll make sure to maintain this culture as we scale,” said Coquillon.
We have already given over 1500 people jobs in South Africa alone, and this number will continue to grow as the company looks to expand worldwide by making it much easier and cheaper for people to send more money home to their loved ones.
