By Never Kadungure | Nehanda Business |
South Africa based online money transfer business Mama Money is making a big splash to strengthen its presence in the Zimbabwean market by offering the lowest fees of 5% or less for guaranteed USD transfers from South Africa to Zimbabwe.
While their competitors charge 10% in fees, Mama Money is promising their clients huge savings on fees so that more money arrives home for their loved ones.
Mama Money’s cashout partner in Zimbabwe is Western Union which has a reliable and extensive network across the country with over 120 collection points nationwide at trusted institutions like CBZ, POSB, EasyLink, and Steward Bank.
It’s very easy to register for Mama Money and this can be done in minutes. All you need to do is download the Mama Money App and register with your passport, ID, work visa or asylum document.
“Expired documents are accepted as the South African department of home affairs has extended the validity of expired visas,” the company told Nehanda Radio in an interview.
Founded in 2013 as a social impact business by Mathieu Coquillon and Raphael Grojnowski, the company was launched to drastically reduce remittance costs.
According to ResearchAndMarkets.com the global remittance market size was valued at $682.6 billion in 2018, and is projected to reach $930.44 billion by 2026.
Despite the cut throat competition, Mama Money has seen explosive growth of over 500% in 2020 by offering great rates, low-fees and an easier way to send money abroad using your phone.