SOUTH AFRICA – Mama Money, an African cross-border money transfer operator, has joined forces with Access Bank and Paymentology to launch a pioneering new bank card service that stands out for its innovative use of WhatsApp banking.

Paymentology provides Credit, debit, and Prepaid payment card issuance services to banks and card issuers globally. 

The company is recognized as a leading innovator in the payment processor sector. Its portfolio includes leading global challengers and mainstream banks, including Revolut, Standard Chartered’s MOX Bank, and Bank of Jordan.

Through its integration with WhatsApp, the Mama Money Card allows users to transfer payments internationally, buy electricity and airtime, download bank statements, check their balance, and manage their accounts using the data-friendly messaging platform.

This makes it much easier than traditional banks that often require proof of address to get a bank card. 

This is a key feature for Mama Money’s customers in South Africa, who are mostly from countries such as Zimbabwe, Malawi, Ghana, Nigeria, India, and many more, to easily get a bank card that gives them access to fundamental financial services and the ability to send money to over 70 countries worldwide.

“The Mama Money Card represents a significant step in empowering communities, particularly in aiding migrants,” Mathieu Coquillon, co-founder of Mama Money, said.

“It provides a platform for secure employer payments, encourages savings, and ultimately contributes to the financial well-being of its users. By catering to the specific needs of a diverse customer base, Mama Money continues to dismantle financial barriers and promote inclusivity.” 

Through Paymentology’s next-generation payment solution, the Mama Money Card also offers advanced security features, such as the ability to instantly freeze the card through WhatsApp in case of loss or theft.

“In a nation where an estimated 4 million migrants reside with many not having access to essential financial services, initiatives such as this from Mama Money, powered by us, play a pivotal role in bridging the gap in financial inclusivity,” Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology added.

Launching the Mama Money Card, Access Bank, Paymentology, and Mama Money demonstrate their commitment to using tech for good, empowering underserved communities through access to critical financial services.

In May this year, Paymentology joined Diamond Trust Bank, a tier-one East African commercial bank, hoping to help drive financial inclusion in Kenya by embedding financial services and deploying Cards-as-a-Service (CaaS).

Paymentology and Diamond Trust Bank (DTB) will provide an aggregated card solution to fintech and other non-financial organizations in Kenya that want to embed a CaaS program as part of their proposition in line with existing regulations.

Operating across Kenya, Tanzania, Uganda, and Burundi, DTB offers banking and insurance solutions to retail, SME, and corporate customers and is committed to driving sustainable economic growth in its markets.

The collaboration between Paymentology and DTB hopes to democratize the issuance of cards, enabling end users, whether consumers or businesses, to access tailored solutions such as cards for employee salaries, expense and travel cards, or traders’ cards for online purchases.

By providing cards to previously underserved populations, whether for running small businesses or gaining financial inclusion in the digital economy, embedded finance is opening doors and empowering individuals to achieve more.

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