The South African fintech startup Mama Money has expanded its money transfer service into Nigeria, Ghana, and Tanzania in February 2017.
For the moment money transfer is only available from South Africa to Tanzania, but during further developmental phases the company looks to facilitate transfers from Tanzania to South Africa too.
Mama Money’s launch partners in Tanzania are mobile money services providers Vodacom M-Pesa, EzyPesa and Airtel Money.
Mama Money defines its technology as an inexpensive and trustworthy money transfer service from South Africa, charging a maximum fee of 5%.
Mama Money co-founder, Raphael Grojnowski says, “Our platform, software and service solutions are developed for African and emerging economies where the rise and growth of mobile money is coupled with increasing demand for affordable legal money transfer. Mama Money has developed a sophisticated platform capable of processing money transfers reliably and securely.”
Grojnowski also explains that people (in South Africa) do not need a bank account to use Mama Money. No smartphone or internet is required – the platform can be accessed without airtime, and even those with only basic literacy skills can use Mama Money.
The company aims to expand into Mozambique, Malawi and Kenya by April 2017. It has also earmarked a country outside of Africa for entry later this year.