South African fintech startup Mama Money increased by 500% last year despite the pandemic
Mama Money, a South African-founded digital money transfer operator reportedly grew by 500% during 2020.
According to reports, the fintech startup currently has more than a million users who pay fees as low as 3% for international money transfers.
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Mathieu Coquillon, co-founder of Mama Money comments on the exponential growth experienced last year adding that the Covid-19 conditions accelerated the adoption of digital money transfers.
“We’re incredibly grateful that 2020 was our best year yet. It’s terrible to see how tough the pandemic has been for so many people and businesses. We’re humbled and very lucky to have added over 70 permanent team members during this time. Lockdown restrictions spurred the adoption of digital money transfer services. While there is a large informal network for money transfers that operates predominantly in cash, services like Mama Money make it easier for people to transfer money from the safety of their homes, which became particularly appealing during the lockdown.”
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Mama Money
Founded in 2013 by Mathieu Coquillon and Raphael Grojnowski, Mama Money uses mobile technology to allow its users to transfer funds safely. After reportedly growing by 300% in 2019, fintech has experienced consistent and exponential growth in its company and product offering.
The fintech enables users to send money digitally to over 50 countries across Africa, Asia, and Europe. After its most recent partnership with Western Union, Mama Money enables its customers to send money across the globe through Western Union’s Global Network.
One of the focal points of the local fintech is to keep the cost of digital money transfer low for consumers.
“We saw that people were paying ridiculous fees of up to 20% or more for sending money to their families for essential needs like school fees and medical bills. Many were handing cash to a driver to physically transport it across the border to their mama. It was a slow and unsafe process and sometimes the money would never arrive. There was a clear need for a safe, low-cost, and reliable way to send money across borders using mobile technology that makes sending money as easy as sending a WhatsApp message. It’s now possible with Mama Money’s mobile app,” explains Coquillon.
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