Fintechs Unite: South African and Zimbabwean Bank Tackle Remittance Market

Partnership between Mama Money and AFC Commercial Bank

Mama Money, a South African fintech specializing in cross-border money transfers and banking solutions, has joined forces with AFC Commercial Bank. This partnership allows Mama Money customers to send money conveniently to AFC Commercial Bank branches for collection at 45 locations throughout Zimbabwe.

Impact of Remittances in Zimbabwe

According to the World Bank, monthly remittances from South Africa to Zimbabwe fluctuate between US$30 million and US$60 million. This substantial flow represents over 10% of Zimbabwe’s GDP. However, high transfer costs can diminish the benefits of these remittances significantly.

Cost of Sending Money

In 2015, the average fee for sending money from South Africa was 14%, yet Mama Money entered the market with a competitive fee of just 5%. Fast forward to today, and the average transfer cost has decreased to 7%, closely aligning with the global average of 6%.

Mama Money’s Services

Mama Money facilitates transfers to over 50 countries across Africa, Asia, and Europe. Key markets include Zimbabwe, Malawi, Mozambique, Ghana, Uganda, Nigeria, India, Bangladesh, and Pakistan. They also provide banking services and transfers to South Africa from various regions.

Available through a free mobile application on the Google Play and Apple App Store, Mama Money is designed for ease of use, making international money transfers accessible to many.

Growth of Mama Money

Having amassed over 720,000 users, Mama Money is one of the fastest-expanding money transfer companies in the region.

Are you interested in exploring the benefits of using Mama Money for your financial needs?