A quickly rising native cash switch firm Mama Cash has joined forces with Western Union, the world chief in cross-border, cross-currency cash motion and funds.
Mathieu Coquillon, co-founder of Mama Cash says: “When the April lockdown hit, we saw a massive drop in remittances leaving South Africa due to the restrictions on movement to paying for money transfers and uncertainty. Remittance outflows for certain countries dropped by 90%. However, we’ve seen a very swift recovery since May as economic activities began to resume.”
Since 2017, Mama Cash has grown by over 10 occasions over a three-year interval beginning with six staff in 2015 to over 120 employees members at the moment. This sturdy progress is attributed to how the corporate has drastically decreased the price of remittances via an easy-to-use cellular app that helps international nationals in South Africa ship cash dwelling to their households.
At first, Mama Cash remitted solely to Zimbabwe, now the fintech firm’s footprint covers greater than 50 nations, offering companies to Africa, Asia and Europe.
“Our average fee is around 3% but we have dynamic pricing which means if you send more per transaction the fees are reduced and can be as low as 0.1%,” says Coquillon.
The partnership with Western Union is about to fast-track Mama Cash’s progress within the worldwide cash switch enterprise.
Quickly, the corporate’s greater than 500,000 prospects in South Africa will be capable of ship cash from their telephones for payout in over 200 nations and territories world wide via Western Union’s in depth community.
Western Union’s open platform technique will broaden Mama Cash’s attain and allow worldwide cross-border cash motion in minutes, via its core cross-border property.
“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,” says Coquillon.
Mohamed Touhami El Ouazzani, Regional Vice President, Africa, Western Union says: “Innovative collaborations such as these will continue to shape global business models while enhancing customer experience and retaining their loyalty.”
“It is an integration of our strengths as we continue to drive connections by enabling enterprises to scale their business offerings worldwide, leveraging our money movement platform,” provides Ouazzani.
How does it work?
Mama Cash’s cellular app makes worldwide cash transfers straightforward. It permits prospects to shortly register utilizing simply their telephones by importing footage of their ID, passport, refugee standing or asylum paperwork. Prospects can then begin sending cash overseas as soon as accepted inside 24 hours.
To ship cash, prospects could make funds straight from their bank account or pay for his or her order at any main retailer in South Africa resembling, Decide n Pay, Boxer, Shoprite, Checkers, Cambridge, Boxer, Makro, and Recreation.