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The partnership permits for reasonably priced cash transfers from South Africa to Zimbabwe with assured US greenback assortment
Matthieu Coquillon and Raphael Grojnowski, Co-founders, Mama Cash
CAPE TOWN, South Africa, 24 January 2023 -/African Media Company(AMA)/- Mama Money, a quickly rising fintech that gives cross-border cash switch and banking providers has partnered with AFC Industrial Financial institution, a market chief in Zimbabwe with a dependable and strong payout community.
This partnership permits Mama Cash clients to simply ship cash to any AFC Industrial Financial institution department for money assortment at 45 areas throughout Zimbabwe.
It’s estimated that the month-to-month remittance flows from South Africa to Zimbabwe vary between $30 to $60 million US {dollars} via each formal and casual channels and accounts for over 10% of the nation’s GDP in line with the World Financial institution.
However the price of sending cash to Zimbabwe can considerably cut back the influence that remittances have as these funds are predominantly used for essential wants resembling college charges, healthcare, and housing.
In 2015 the common price of sending cash from South Africa was 14%. This is similar yr that Mama Cash launched with a payment of simply 5%. In the present day, the common price of sending cash from South Africa is 7%, which is far nearer to the worldwide common of 6%.
Mama Cash performed a number one position in lowering the price of cash transfers from South Africa as the corporate’s founders, Raphael Grojnowski and Matthieu Coquillon, began the enterprise to make a constructive influence on the lives of underserved migrant communities in South Africa.
Mama Cash facilitates cash transfers to over 50 international locations throughout Africa, Asia and Europe. The fintech’s key markets for cash transfers embrace Zimbabwe, Malawi, Mozambique, Ghana, Uganda, Nigeria, India, Bangladesh, and Pakistan. It additionally affords banking providers and cash transfers to South Africa from Europe and different areas.
Nicolas Vonthron, CEO at Mama Cash stated that, “We have made a lot of progress in bringing down the cost of money transfers, but there is still more we can do to support the Zimbabwean community in South Africa. We want to reduce the cost even further and offer a super reliable service. Our partnership with AFC Commercial Bank will help us achieve this and we’re extremely excited to see the impact this will have for people who need an easier way to send money to Zimbabwe.”
Our objective when the corporate began was to carry down the price of cash transfers, we really feel that we’ve got achieved this, and now need to cut back the associated fee much more as we increase and launch our providers in additional international locations all over the world.”
“We really feel we’ve got loads of progress in bringing the worth down, there’s much more we need to do to assist the Zimbabwe neighborhood in South Africa.
Ken Chitando, Managing Director at AFC Industrial financial institution added that, “With our extensive network in Zimbabwe, it is very easy and convenient for recipients to collect their cash no matter where they are in the country, and we are continuously expanding our network.” We’re assured that this relationship will add comfort to all our clients as we increase our monetary providers countrywide.
Collectively, Mama Cash and AFC Industrial financial institution are bettering entry to essential monetary providers in underserved communities in each South Africa and Zimbabwe by making it simpler, quicker, and extra reasonably priced to ship and obtain cash.
Distributed by African Media Agency (AMA) on behalf of Mama Cash.
About Mama Cash
Mama Cash is a fintech firm that gives worldwide cash transfers and banking providers via a free cell utility that may be downloaded from the Google Play or Apple App Retailer in South Africa.
Mama Cash is among the fastest-growing cash switch operators with over 720,000 customers and affords low charges and nice alternate charges. The Mama Cash app is at the moment the highest-rated cash switch app on the Google Play Retailer in South Africa.
Download the Mama Money app to register in minutes together with your passport or identification doc.
For extra info, go to www.mamamoney.co.za
About AFC Industrial Financial institution
AFC Industrial Financial institution is a registered industrial financial institution working with greater than 45 branches in Zimbabwe. The financial institution is part of a diversified monetary providers group (AFC Holdings) which has pursuits in Banking, Insurance coverage and the Leasing enterprise. The Financial institution is a loan-granting and deposit-taking industrial financial institution, topic to the supervision of the Reserve Financial institution of Zimbabwe and supplies various providers together with however not restricted to the availability of Retail banking providers, Treasury providers, Discounting payments and Bridging finance in addition to Trade associated loans for all sectors of the economic system reducing throughout Small companies and well-developed Corporates, that is supported by strong digital banking platforms below the umbrella title AFCLink.
For extra info, go to: www.afcholdings.co.zw
The publish Mama Money and AFC Commercial Bank partner for money transfers to Zimbabwe appeared first on African Media Agency.
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