New WhatsApp bank card launches in SA
A new bank card has been launched that will enable South Africans to manage their account and money through WhatsApp.
A South African fintech, Mama Money Financial Services, has launched a new bank card that allows users to manage their accounts through the social messaging app WhatsApp.
This initiative comes in collaboration with Access Bank and Pick n Pay to assist those in South Africa who might struggle with or don't have access to conventional banking.
Mama Money Card customers will be able to manage their account via WhatsApp, buy airtime or electricity, deposit cash, check account balances, and instantly freeze cards that are lost or stolen.
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The card also allows users the normal functionality of a bank card, like shopping online or swiping in stores to buy goods and withdrawing money from any ATM.
Customers will also be able to send money to over 70 countries worldwide using their card.
Mathieu Coquillon, co-founder of Mama Money, says: "We've seen big demand from employers who previously paid their staff in cash or via e-wallet or have issues with employees sharing bank account details. Each Mama Money Card comes with its own account number that makes it simple to pay salaries and gives cardholders full control of their money."
How to sign up
Users can simply download the Mama Money app, register within minutes, and collect their cards from selected Pick n Pay stores in Johannesburg, Cape Town or Durban.
The once-off initiation fee is R99, with a monthly account fee of R25.
For sending money abroad, the fee is 5% or less, depending on the destination.
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"The Mama Money Card is making it much easier for under-served communities to get their own bank service where all they need is proof of identity such as a passport, asylum document or South African ID to register for Mama Money on their phone," says Coquillon.
To register, customers will only need proof of identity in the form of a South African ID, a South African passport or an asylum document, and no proof of address will be required.
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Main image: Mama Money