Mama Money continues growth in Zimbabwe with low fees for USD transfers

By Never Kadungure | Nehanda Business |

“When we were doing market research before launching the company in 2013, we found out that most Zimbabweans were sending money home to their mother.

“So they called the company Mama Money to honour that and showcase that we are a social business centered on family support and financial inclusion.”

These are words of Thomas Maree, Marketing Manager at South Africa based online money transfer business Mama Money. The company has been growing its presence in the Zimbabwean market by offering the lowest fees of 5% or less for guaranteed USD transfers.

Mama Money also offers various incentives for customers sending to Zimbabwe for the first time where you can win back the money you send or get guaranteed free airtime. 

“What makes Mama Money unique is that we are a socially minded business that places transparency, financial inclusion, and excellent customer service above profit-maximisation. We offer the lowest fees of 5% or less and great exchange rates,” Maree told Nehanda Radio.

It has been quite the journey with Maree explaining “It has taken us years to earn the trust of the communities we are humbled to serve, and it feels that we are only just getting started. There are various financial services we are exploring to add in the future,” he added.

A partnership with Western Union has enabled Mama Money’s over 500,000 customers in South Africa to send money to their loved ones from their phones to over 50 countries around the world or  for easy cash collection at Western Union agents. 

While their competitors charge an average of 10% in fees, Mama Money promises 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 Ecobank, Easylink, POSB, African Banking Corporation, CBZ Bank Limited, Fidelity Life Assurance, Agribank and more.  

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.

“Certain expired documents are accepted as the South African Department of Home Affairs has extended the validity of particular expired visas,” the company told Nehanda Radio in an interview.