Mama Money announces global expansion

Cape Town-based Mama Money is proving to be one of Africa’s fastest-growing fintech’s as it continues to expand globally. The company is aiming to increase its market share and develop new services in new markets. This year, the company’s cross-border money transfer volumes more than doubled.

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 their families in Zimbabwe, Mozambique (Nigeria), Nigeria, India and Bangladesh, Pakistan, among others.

Mama Money’s expanding footprint now reaches over 50 countries across Africa, Asia, and Europe, confirms its new chief executive, Nicolas Vonthron.

“What differentiates Mama Money is that our growth is not fuelled by external investments. Our business model combines fast growth, performance, and operational efficiency with a caring company culture. Our future prospects are extremely promising, but more importantly, the opportunity for social impact is even greater,” says Vonthron.

With more than 15 years’ experience in the mobile and payments industry at multinationals, he joined Mama Money in 2018.

Mama Money, a well-known fintech company, highlights the importance of being rooted in social impacts. The company provides crucial services to communities that are underserved. It also attracts employees who care about making an impact by focusing on tech-for good values.

Vonthron says that the next stage in international payments fintech’s growth will be from new products. This includes a South African bank card for millions of migrants, and an inbound payments service to allow money transfers from the rest to Africa and Asia.

Mama Money’s evolution will see the fintech develop a customized suite of services that cater to the needs of millions of migrants. This might include affordable insurance or financial support services that meet critical needs, such as education and healthcare.

Team culture

“Our team culture is our greatest strength. The work we do has a tangible impact on millions of people’s lives. Through innovative tech, we solve fundamental problems. It’s the strongest foundation we have,” adds co-founder Mathieu Coquillon.

He believes Mama Money’s human factor and culture remain the driving factor of its success. This has remained the core of Mama Money’s success, despite a hard but necessary restructuring.

“It speaks to customers in the language of their choice and employs members of migrant communities to build trust and create jobs. Mama Money’s ethos is to empower people with access to crucial services that make life easier.”

Coquillon, Raphael Grojnowski (co-founder of Mama Money), have led the company since its inception in 2015. Both Coquillon and Raphael Grojnowski, a Mama Money co-founder, continue to lead the business. They each have their own business units and work closely with other teams to ensure that the culture is maintained.

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