Paymentology, the worldwide issuer-processor has partnered with Mama Cash, the African cross-border cash switch operators, and Entry Financial institution, to launch a brand new financial institution card service that can utilise WhatsApp banking.
By launching the Mama Cash Card (costing R100 with R25 month-to-month charges), Entry Financial institution, Paymentology, and Mama Cash display their dedication to utilizing tech for good that empowers underserved communities via entry to crucial monetary companies.
Via its integration with WhatsApp, the cardboard permits customers to switch funds internationally, purchase electrical energy and airtime, obtain financial institution statements, test balances and handle their account utilizing the data-friendly messaging platform.
Mathieu Coquillon, co-founder of Mama Cash, emphasises the partnership’s impression: “The Mama Cash Card represents a big step in empowering communities, significantly in aiding migrants. It offers a platform for safe employer funds, encourages financial savings, and in the end contributes to the monetary well-being of its customers. By catering to the precise wants of a various buyer base, Mama Cash continues to dismantle monetary limitations and promote inclusivity.”
Simplifying entry to finance
The brand new card makes it a lot simpler than conventional banks that always require proof of handle to get a financial institution card. This can be a key function for Mama Cash’s clients in South Africa, who’re principally from international locations comparable to Zimbabwe, Malawi, Ghana, Nigeria, India and lots of extra, to simply get a financial institution card that offers them entry to elementary monetary companies and the power to ship cash to over 70 international locations worldwide.
Via Paymentology’s next-generation cost answer, the cross-border switch supplier’s card additionally affords superior safety features that mean you can immediately freeze the cardboard via WhatsApp in case of loss or theft.
By embracing cutting-edge know-how, the partnership has allowed Mama Cash to fast-track innovation available in the market whereas sustaining the best ranges of regulatory compliance.
“At Paymentology, we’re drawn to working with organisations that share our core values. That’s extremely true of our partnership with Mama Cash who’re trailblazers in delivering inclusive monetary options,” stated Drisha Kirkman, head of programme administration and sustainability at Paymentology.
“In a nation the place an estimated 4 million migrants reside with many not gaining access to important monetary companies, initiatives comparable to this from Mama Cash, powered by us, play a pivotal position in bridging the hole in monetary inclusivity.”
