Mama Money, a South African fintech that offers cross-border money transfer and banking services, has partnered with AFC Commercial Bank, a market leader in Zimbabwe with a reliable and robust payout network.
This partnership allows Mama Money customers to easily send money to any AFC Commercial Bank branch for cash collection at 45 locations across Zimbabwe.
Monthly remittance flows from South Africa to Zimbabwe range between US$30 to US$60 million through both formal and informal channels and accounts for over 10% of the country’s GDP, according to the World Bank.
But the cost of sending money to Zimbabwe can significantly reduce the impact that remittances have. In 2015 the average cost of sending money from South Africa was 14%. This is the same year that Mama Money launched with a fee of just 5%. Today, the average cost of sending money from South Africa is 7%, which is much closer to the worldwide average of 6%.
Mama Money facilitates money transfers to over 50 countries across Africa, Asia and Europe. The fintech’s key markets for money transfers include Zimbabwe, Malawi, Mozambique, Ghana, Uganda, Nigeria, India, Bangladesh, and Pakistan. It also offers banking services and money transfers to South Africa from Europe and other regions.
Mama Money offers international money transfers and banking services through a free mobile application that can be downloaded from the Google Play or Apple App Store in South Africa.
Mama Money is one of the fastest-growing money transfer operators with over 720,000 users.