A South African fintech specialising in cross-border cash switch has launched a brand new financial institution card that permits card holders to handle their account and cash by means of WhatsApp.
Mama Cash Monetary Companies has launched the financial institution card in collaboration with Entry Financial institution and Decide n Pay.
“The Mama Cash Card goals to beat the challenges confronted by tens of millions within the nation the place there are boundaries to standard banking providers,” the corporate mentioned in a press release on Tuesday.
“Utilizing WhatsApp, a Mama Cash Card buyer can simply handle their account. This contains shopping for airtime or electrical energy, depositing money, checking account balances and immediately freezing the cardboard if it has been misplaced or stolen.”
Prospects may also store on-line or swipe in shops to purchase items, withdraw cash from any ATM and ship cash to over 70 nations worldwide utilizing their card, the corporate mentioned.
“The Mama Cash Card is making it a lot simpler for underserved communities to get their very own financial institution service the place all they want is proof of id corresponding to a passport, asylum doc or South African ID to register for Mama Cash on their cellphone,” it added.
Mathieu Coquillon, co-founder of Mama Cash, mentioned the corporate has seen “massive demand from employers who beforehand paid their workers in money or through e-wallet or have points with workers sharing checking account particulars”.
Decide n Pay partnership
“Every Mama Cash Card comes with its personal account quantity that makes it easy to pay salaries and provides card holders full management of their cash,” he mentioned within the assertion.
To enroll, clients can obtain the Mama Cash app and register inside minutes earlier than amassing their card from chosen Decide n Pay shops in Johannesburg, Cape City or Durban. There’s a once-off value of R99 for the cardboard and the month-to-month price is R25. For sending cash overseas the price is as much as 5%, relying on the place cash is being despatched.
A promotional video printed by Mama Cash:
“The Mama Cash Card has important potential to succeed in South Africa’s unbanked inhabitants. With handy entry by means of WhatsApp, it removes boundaries like bodily financial institution branches or ATMs that always restrict banking choices,” mentioned Deven Moodley, govt head of value-added providers within the monetary providers unit of Decide n Pay.
“Given South Africa’s excessive cellphone and WhatsApp utilization, this service makes important banking and cost capabilities extra accessible.” — © 2024 NewsCentral Media
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