South Africa’s Mama Money has partnered with Western Union, to enable their users send money globally via Western Union’s global network.
Mama Money is a fast-growing international money transfer company. It was founded by Mathieu Coquillon and Raphael Grojnowski.
The partnership with Western Union places all 500,000 South African users of Mama Money in a position to send money from the comfort of their smartphones to recipients in over 100 countries worldwide.
Recipients can also receive cash at any of Western Unions agents in more than 200 countries.
Customers pay for their transactions within the app via a direct transfer from their bank accounts or through a vast cash-in network at all major retailers in South Africa, providing a convenient and user-friendly experience.
Western Union’s Regional Vice President, Africa, Mohamed Touhami El Ouazzani, said, “Western Union is excited to work with Mama Money to connect customers with their loved ones around the world. Innovative collaborations such as these will continue to shape global business models while enhancing customer experience and retaining their loyalty.”
Western Union’s open platform strategy powers other brands to move money and enable international cross-border money movement in minutes by leveraging its core cross-border assets – including global settlement capabilities, compliance, operations, network, and technology systems.
Ouazzani added, “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.”
Mama Money’s Chief Operating officer, Nicolas Vonthron, 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.”
To register to use Mama Money, customers provide their ID, passport, refugee status or asylum documents through the app. Following this simple procedure, they have to wait 24 hours for approval, afterwhich they are all set to send money abroad to their loved ones.
Mama Money has partnered with every major retailer in South Africa, to make it easy for customers to pay at over 60,000 cash-in points across the country.
Mathieu Coquillon, one of Mama Money’s co-founders noted the effect of the novel corona virus on remittances in the country; “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.”
He adds that, “With this collaboration, we are enabling customers to reach out to their loved ones in their times of need – for essentials like food and medicine to building materials for housing and school fees.”