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South African-based fintech Mama Money has announced its expansion globally, with its footprint now reaching over 50 countries across Africa, Asia, and Europe.
In a statement, Mama Money said this year, its cross-border money transfer volumes have more than doubled compared to the previous quarter with the company aiming to double its market share by developing new services as it enters new regions.
From 2018 to 2021, the company’s volume increased by over 600% as it enabled migrants in South Africa with an affordable and reliable way to send money to their families in countries such as Zimbabwe, Mozambique, Nigeria, India, Bangladesh, Pakistan, and others.
Mama Money, CEO, Nicolas Vonthron said, the next stage of growth for the international payments fintech will come from new products, including a bank card to service millions of migrants in South Africa and an inbound payments service to facilitate money transfers into Africa and Asia from the rest of the world.
The company says its evolution will see the fintech develop a customised suite of services that cater to the needs of millions of migrants. This may include affordable insurance and financial support services for critical needs such as healthcare and education.
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