Feature coming soon.

As part of our commitment to AlphaCode, our Product Team is continually working hard on adding exciting new features, along with functional improvements.

Remittance, Fintech

Mama Money launches online registration and triples in size

Mama Money launches online registration and triples in size

The South African-based fintech startup, Mama Money, that offers the cheapest cross-border money transfer rates into key African countries and now into India has introduced the easiest online registration process using its app – taking a photo and a selfie. This is a first in South Africa and is approved by the Financial Intelligence Centre and the South African Reserve Bank.

Mama Money co-founder, Raphael Grojnowski, explains: “To register, you simply download the Mama Money Family App from the Google Play store, enter your contact details, take a photo of your passport or ID and a selfie holding the document. This is all that’s needed to register to begin sending money home. The whole process takes less than three minutes.”

“Financial services in South Africa are very difficult to access for migrants who are earning money from informal jobs. We help them to send money back to their families easily and affordably. Our new registration process eliminates requesting documentation that they don’t have. It offers the option to self-register via the app. This is in addition to the current options to register in person at a PEP store, or with a Mama Money agent.”  

Grojnowski says that this new addition is also more convenient for higher income foreign nationals living in SA and employers of foreigners who can now register their employees online.

Since Mama Money was launched in March 2015 to allow cross-border payments from South Africa to Zimbabwe, it has expanded to include Nigeria, Malawi, Kenya, Ghana, Tanzania, Ethiopia, Uganda and India. Mama Money’s low rate of 5% with no margin charged on the exchange rate has remained the same since inception. It is far below the costs of other African and international money transfer companies.

Business triples in size in 2017

Says Grojnowski: “We have seen tremendous growth in all the corridors. Our business has tripled in size since March this year and we now have 100 000 customers. This growth can be attributed to our agent network and educating migrants about safely sending money they earn in SA back home. We currently employ 783 agents and expect to have 1000 agents by the end of the year.”

Mama Money is the world’s first social business for money transfer. “We want to help families send and receive money anytime, at a fair price, by mobilising advanced cost-saving technology,” Grojnowski added.

Mama Money is a gold member of AlphaCode. RMI’s senior investment executive and head of AlphaCode, Dominique Collett, says: “Mama Money is solving a significant problem in a large market. According to research done by the World Bank, the remittance corridors between South Africa and the rest of SADC are some of the most expensive in the world. World Bank data illustrates that the global average for sending remittances was estimated at 7% with South Africa being more than double that at 16%. Mama Money’s rapid growth highlights how important their product is to these migrant communities and demonstrates how fintech can be leveraged for social inclusion.”

Related Articles

Join AlphaCode

Are you ready to take your fintech business to the next level?Join the growing network of fintech disruptors shaping the future of our industry.

  • Green

    Membership

    Green membership is available to aspiring financial services entrepreneurs, intrapreneurs and service providers.

    • Monthly newsletter with key industry insights, trends and news
    • Access to open networking events hosted at AlphaCode
    Join now
  • Gold

    Membership

    Our gold membership is open to financial services founders and co­founders with a full-time commitment to their businesses.

    • Access to our co­-working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Acceleration and incubation support
    • Informal mentorship from the RMIH investment team
    • Exclusive applications to competitions and conferences
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities
    Apply now
  • Platinum

    Membership

    Offered to high­ potential BBBEE businesses that have received enterprise development funding.

    • Free semi­-private office space for 6 months in Sandton
    • Business support services
    • Informal mentorship from the RMIH investment team
    • Access to exclusive networking events & hosted dinners
    • Exclusive applications to competitions and conferences
    • Acceleration and incubation support
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
  • Diamond

    Membership

    Offered by invitation only to businesses which have received growth capital investment from RMIH.

    • Receive growth capital investment from RMIH
    • Access to a co-­working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Formal mentorship from the RMIH investment team
    • Exclusive applications to competitions
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
    • Exclusive applications to competitions and conferences

Member testimonials

  • Alpha Code is a phenomenal platform to network with next generation fintech players offering leading thought leadership events in a world class environment. Look forward to watching the ecosystem facilitate the next ‘Uber’ of Africa.

    Dov Girnum, CEO Merchant Capital

  • AlphaCode has been instrumental in the growth of our business. Through the club, we have met many like-minded entrepreneurs and businesses with whom we have formed strategic partnerships. The team is incredibly generous with their time and continue to give us invaluable mentorship and support.

    Annabel Dallamore, CEO Stock Shop

  • Starting a business is a daunting prospect, especially one that has a focus on an unproven and experimental technology. I have benefitted enormously from the support and wisdom I have received from AlphaCode during my time as a member.

    Lorien Gamaroff, CEO Bankymoon

  • Being located in the heart of Africa's biggest financial services hub, we have gained a lot of credibility through AlphaCode. Our customers trust our brand by association, which results in increased sales of cows.

    Ntuthuko Shezi, CEO Livestock Wealth