Mama Money in alliance with Western Union
Cape Town-based remittance start-up Mama Money, launched in January 2015, has announced a partnership with Western Union which will enable it to expand its reach by leveraging Western Union network.
It claims that over 500,000 customers in South Africa will be able to send money via the Mama Money app for collection at Western Union sites across 200 countries.
Customers can pay for transactions within the Mama Money app via direct transfers from their bank accounts or “through a vast cash-in network at all major retailers in South Africa.”
Nicolas Vonthron, Chief Operating Officer, Mama Money, said: “Western Union’s robust and reliable network coupled with Mama Money’s easy-to-use and reliable digital service is a highly strategic partnership with massive potential for tapping into a broader remittance market especially for the unbanked population.”
“Innovative collaborations such as these will continue to shape global business models while enhancing customer experience and retaining their loyalty,” said Mohamed Touhami El Ouazzani, Regional Vice President, Africa, Western Union.
Marketing manager at Mama Money Thomas Maree added: “Traditional players in the remittance market charged hefty fees of up to 20% or more. At Mama Money, the average fee is around 3% but with our dynamic pricing, it can be as low as 0.1% depending on how much you send. This partnership means that customers can get Mama Money's great rates and low fees while being able to send to Western Union's vast and reliable pay-out network.”
He added: “We understand how important it is for foreign nationals to support their loved ones. Every cent counts and at Mama Money we want to reduce our fees as much as possible so that our customers can send more money home for things that really matter.”