A South African fintech company, Mama Money Financial Services, has introduced a groundbreaking bank card that allows users to manage their accounts and money directly through WhatsApp.
The initiative, launched in partnership with Access Bank and retail chain Pick n Pay, aims to address barriers to conventional banking services in underserved communities.
The Mama Money Card enables users to perform a variety of banking tasks via WhatsApp, including purchasing airtime or electricity, depositing cash, checking account balances, and freezing the card instantly if it is lost or stolen.
Cardholders can also shop online, make in-store purchases, withdraw money from any ATM, and send money to over 70 countries worldwide.
“The Mama Money Card is designed to simplify banking for underserved communities, requiring only proof of identity, such as a passport, asylum document, or South African ID, to register,” the company stated.
Mathieu Coquillon, co-founder of Mama Money, highlighted the card’s appeal to employers who traditionally paid staff in cash or faced challenges with e-wallet payments and shared bank accounts.
“Each Mama Money Card comes with a unique account number, making it easy to pay salaries and giving cardholders full control of their money,” Coquillon explained.
Customers can register for the card via the Mama Money app and collect it from select Pick n Pay stores in Johannesburg, Cape Town, or Durban. The card costs approximately $5.20 upfront, with a monthly fee of $1.30. International money transfers incur fees of up to 5%, depending on the destination.
Deven Moodley, executive head of value-added services at Pick n Pay, noted that the card could significantly impact South Africa’s unbanked population.
“With WhatsApp access, the Mama Money Card eliminates barriers like physical bank branches and ATMs, making essential banking services more accessible,” Moodley said.
He added that the card leverages South Africa’s high smartphone and WhatsApp usage to provide an inclusive financial solution, particularly for underserved communities.
