South African fintech firm Mama Money has launched an innovative banking solution in partnership with Pick n Pay and Access Bank. The initiative leverages WhatsApp to offer a groundbreaking bank card that seeks to expand financial inclusion across the country.
Designed to address persistent barriers such as high fees, documentation requirements, and limited branch accessibility, the WhatsApp-powered card aims to bring banking services to underserved populations.
The card integrates seamlessly with WhatsApp, enabling users to purchase airtime and electricity tokens , deposit cash, monitor account balances, freeze lost cards instantly, conduct online shopping, in-store transactions, ATM withdrawals, and cross-border money transfers to over 70 countries.
Customers can register through the Mama Money app and collect their cards at designated Pick n Pay outlets in Johannesburg, Cape Town, and Durban. The card costs R99 with a monthly maintenance fee of R25, though a promotional offer waives the first month’s fee for November sign-ups.
Pick n Pay’s Deven Moodley highlighted the partnership’s role in broadening access to financial services, particularly for communities with limited access to traditional banking.
With the WhatsApp interface, users can manage accounts effortlessly, making financial services accessible even to those with minimal technological literacy.
While card distribution is currently focused on urban areas, plans are underway to extend the service to remote regions. This aligns with Mama Money’s mission to address geographic and economic disparities in financial access.
The card’s fee structure balances affordability with operational costs, and robust security features ensure user protection. Instant card freezing capabilities and regulated cross-border transfer fees, capped at 5%, enhance its practicality for South Africans supporting relatives abroad.
Mama Money’s WhatsApp banking solution represents a significant leap in financial inclusion efforts, combining technology, retail, and banking to create a sustainable model for underserved communities.
This innovative approach underscores the potential of fintech partnerships to transform banking access in South Africa and beyond.