Fintech startups in Africa are doing a spectacular job at revolutionizing remittances, accessibility, saving, and the whole culture surrounding finances. The startups are meeting various needs, such as quick short-term loans that are affordable and seamless cross-border remittances.
In South Africa, Mama Money, a startup founded in 2015, is among the organizations making an impactful contribution to the financial sector. The company facilitates money remittance across 17 at incredibly low rates.
A distinguishing factor of this fintech is its local financing and organic growth model. The company’s newly appointed CEO Nicholas Vonthron said. “What differentiates Mama Money is that our growth is not fuelled by external investments. Our business model balances fast growth, performance and operational efficiency with a very caring company culture. Our future prospects are extremely promising, but more importantly, the opportunity for social impact is even greater.”
Between 2018 and 2021, Mama Money’s volume increased by more than 600%. The core business is enabling migrants in South Africa to send money through affordable and reliable packages.
The App is accessible on mobile devices in three simple steps: Download, upload an identity document, take a selfie and wait for verification in 24 hours.
Mama Money allows users to send money to Botswana, Cameroon, Congo-Brazzaville, the Democratic Republic of the Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Somalia, Tanzania, Uganda, Zambia, and Zimbabwe.
The company is now planning to expand its reach to more countries. They also include to include bank cards, insurance and financial support services for needs such as healthcare and education.
The company is on an ambitious path. The cost of money transfer across the globe is generally high and a hindrance. By offering relatively low rates for the services, Mama Money is set to be a timely link.
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