Mama Money Partners with Access Bank, Paymentology to Launch WhatsApp Banking

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Mama Money partners with Access Bank and Paymentology.

Mama Money has partnered with Access Bank and Paymentology to introduce a new bank card service utilizing WhatsApp banking. This innovative service aims to simplify financial transactions for its users, particularly migrants in South Africa.

According to the official announcement, the Mama Money Card, integrated with WhatsApp, will enable users to transfer payments internationally, purchase electricity and airtime, download bank statements, check balances, and manage accounts through the platform.

What it means for users?

The partnership’s goal is to streamline the process of obtaining a bank card. The payment platform will remove the need for traditional proof of address.

This would be especially meaningful to the customers of Mama Money in South Africa, who come from countries such as Zimbabwe, Malawi, Ghana, Nigeria, and India. It means they can very quickly get a bank card, critical financial services, and send money to over 70 nations worldwide.

Paymentology’s next-generation payment solution enhances the Mama Money Card with advanced security features, including the ability to instantly freeze the card through WhatsApp in case of loss or theft. The partnership leverages technology to drive innovation in the market while maintaining high levels of regulatory compliance.

Officials from Paymentology highlighted that in a nation where approximately 4 million migrants reside, many of whom lack access to essential financial services, initiatives like this are critical for bridging the gap in financial inclusivity.

What is Mama Money?

Based in South Africa, Mama Money is a fintech company that offers international money transfers and banking services through a free mobile application available on Google Play and the Apple App Store. Mama Money has over 720,000 registered users and the payment platform is known for it’s low fees and lower exchange rates.

What is Paymentology ?

Paymentology provides banks, fintechs, and telcos with the technology, team, and expertise to issue and process various types of physical or virtual cards, including debit, prepaid, credit, and Buy Now, Pay Later (BNPL) options. The company’s multi-cloud platform offers both shared and dedicated processing instances, extensive global presence, and real-time data. Paymentology is committed to enhancing financial inclusion globally and making a positive impact in the communities it serves.

What is WhatsApp banking?

WhatsApp banking is an enabling service that few banks allow, helping you transact and access information using a WhatsApp messaging app. Here’s what it is and how it works:

What it is: It is a way of banking through an interface that you already use, which is WhatsApp. Interact with a chatbot or customer service representative.

What you can do: You can check account balances, transfer money, pay bills, top up your phone, and many other things.

How to get started: This will be different for every bank, but in general, you will have to register your WhatsApp number with the bank and then start a chat with their WhatsApp business account.

Security: Ensure you are interacting with the WhatsApp number of the bank in question. Banks shall never ask for full login details or one-time passwords on WhatsApp.

Here is what you need to keep in mind:

All banks might not be offering WhatsApp banking, so check with your bank whether it offers WhatsApp and how to enroll in it.

Be cautious about unsolicited messages claiming to be from your bank. In cases of doubt, contact your bank.

WhatsApp banking gives you the ease of checking your finances. Just be careful using it; ensure it is with a trusted bank and follow security best practices.

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