The partnership enables affordable money transfers from South Africa using the Mama Money app to TNM Mpamba accounts in Malawi
CAPE TOWN, South Africa, 7 February 2023 -/African Media Agency(AMA)/- Mama Money, a fintech that offers cross-border money transfer and banking services has joined forces with TNM, Malawi’s leading telecommunications and mobile money operator.
This partnership allows Mama Money customers to easily send money to their TNM Mpamba accounts to collect cash at over 40,000 locations in Malawi, with no cashout fees for the recipient.
It is estimated that monthly remittances from South Africa to Malawi are over $20 million US dollars through official and unofficial channels according to research by the Finmark Trust.
Beyond the impact on economic growth, remittances are important to support basic needs such as health, housing and education. But South Africa is one of the most expensive countries to send money to.
In 2015 the average cost of sending money from South Africa was 14%. This is the same year that Mama Money was launched with a fee of only 5%. Currently, the average cost of sending money from South Africa is 7%, which is closer to the worldwide average of 6%.
Mama Money plays a major role in reducing the cost of transferring money from South Africa as the company’s founders, Raphael Grojnowskiw and Matthieu Coquillon, started their business to make a positive impact on the lives of underserved migrant communities in South Africa.
Mama Money facilitates money transfers to more than 50 countries in Africa, Asia and Europe. Key fintech markets for money transfers include Zimbabwe, Malawi, Mozambique, Ghana, Uganda, Nigeria, India, Bangladesh, and Pakistan. It also offers banking and money transfer services to South Africa from Europe and other regions.
Nicolas Vonthron, CEO at Mama Money, said that, “We have made a lot of progress in reducing the cost of money transfers, but there is still more we can do to support the Malawian community in South Africa. We want to reduce costs even more and offer a super reliable service. Our partnership with TNM will help us achieve this and we are excited to see the impact it will have on people who need an easier way to send money to Malawi.
Christopher Sukasuka, General Manager at TNM Mpamba Limited added, “With our Mpamba network covering over 90% of Malawi, it is very easy and convenient for people to collect money no matter where they are in the country, and we are constantly expanding our network and our agent coverage.
Together, Mama Money and TNM are increasing access to critical financial services in underserved communities in South Africa and Malawi by making it easier, faster, and more affordable to send and receive money.
Distributed by African Media Agency (AMA) on behalf of Mama Money
About Mama Money
Mama Money is a fintech company that offers money transfer and international banking services through a free mobile app that can be downloaded from Google Play or the Apple App Store in South Africa.
Mama Money is one of the fastest growing money transfer operators with over 720,000 users and offers low fees and great exchange rates. The Mama Money app is currently the highest rated money transfer app on the Google Play Store in South Africa.
Download the Mama Money app to register in minutes with your passport or identity document.
For more information, visit www.mamamoney.co.za
Information about the company TNM Mpamba Limited (TNM)
TNM Mpamba Limited is a digital financial services provider offering Mobile Money Services (Mpamba). Mpamba can be accessed through mobile devices on USSD *444# and the TNM Smart application; offering services to individuals and companies. This indigenous financial services provider was established on May 1, 2013 as a subsidiary of TNM PLC. TNM Mpamba Limited was then registered as a separate entity on 1st November 2018 and is 100% owned by TNM PLC.
For more information, visit https://www.tnmmpamba.co.mw/
Media contact
TNM Mpamba Limited
Let’s see Kafumbu
tione.kafumbu@tnmmpamba.co.mw
Granny Money
Thomas Maree
thomas@mamamoney.co.za
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