South Africa-based Mama Money grows 500% during the pandemic

Tuesday 16 February 2021 11:13 CET | News

South Africa-based money transfer fintech company Mama Money has observed growth of over 500% in volumes during 2020, according to the official press release. 

It now has more than a million users who pay fees as low as 3% for international money transfers. Founded in 2013 as a social impact business, the company was launched to reduce remittance costs so that more money arrives in the pockets of the people who really need it. After growing by over 300% in 2019, Mama Money had to expand its team to keep up with the explosive growth.

Mama Money started with money transfers from South Africa to Zimbabwe in 2015 and now sends to over 50 countries across Africa, Asia, and Europe with more to come. The company has partnered with the global payment providers and money transfer operators which allows their customers to send money to Western Union, MTN Money, Airtel Money, among others, while still keeping costs low for their customers.

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Keywords: South Africa, Mama Money, fintech, cross-border payments, money transfer, remittance
Categories: Banking & Fintech | Payments General
Countries: South Africa
This article is part of category

Banking & Fintech