Social business money transfer startup Mama Money has announced a partnership with Western Union. Mama Money will transfer funds to their customers and loved ones using the Western Union’s Global Network. This partnership will help international money transfer businesses.
The startup was founded by Mathieu Coquillon and Raphael Grojnowski to provide an easy, safe, and affordable avenue for customers to remit money to their loved ones through an extensive payment network.
Mama Money is not aiming for profit-maximization but aims to assist low-income earners by lowering cross border payments. Founded in 2015 as a team of 6, the company grew to 120 employees by 2017. The strong growth has reduced the remittances costs associated with sending money back home among foreign nationals.
Comments by Mathieu Coquillon, one of Mama Money’s co-founders at Ventureburn reveal that the company experienced a drop in revenues once the pandemic hit, then a sudden uptick since May. Migrant workers from over 50 countries can make remittances to their loved ones at a 0.1% fee. The app also has a friendly user interface. Just to be clear, the average fee charged is 3% but large transactions can see a drop to 0.1%.
The international market
Over 500 South African users can send money via their phones to over 200 countries internationally, thanks to Western Union. The new partnership will facilitate cross-border transactions.
The Regional Vice President of Western Union, Mohamed Touhami El Ouazzani described the new partnership as an “innovative collaboration” that can “shape global business” and enhance “customer experience.”