The partnership permits for inexpensive cash transfers from South Africa utilizing the Mama Cash app to TNM Mpamba accounts in Malawi
Nicolas Vonthron, CEO, Mama Cash
CAPE TOWN, South Africa, 7 February 2023 -/African Media Company(AMA)/- Mama Money, a fintech that gives cross-border cash transfers and banking providers has joined forces with TNM, the main telecommunications and cellular cash operator in Malawi.
This partnership permits Mama Cash prospects to simply ship cash to any TNM Mpamba account for money assortment at over 40,000 places throughout Malawi, with no cashout payment for the recipient.
It’s estimated that the month-to-month remittance flows from South Africa to Malawi are over $20 million US {dollars} by each formal and casual channels in accordance with analysis by Finmark Belief.
Past the affect on financial development, remittances are essential for supporting basic wants akin to healthcare, housing and schooling. But South Africa is without doubt one of the costliest international locations to ship cash from.
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 function in decreasing the price of cash transfers from South Africa as the corporate’s founders, Raphael Grojnowskiw and Matthieu Coquillon, began the enterprise to make a optimistic affect 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 gives 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 Malawian community in South Africa. We want to reduce the cost even further and offer a super reliable service. Our partnership with TNM 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 Malawi.”
Christopher Sukasuka, Normal Supervisor at TNM Mpamba Restricted added that, “With our Mpamba network covering over 90% of Malawi, it makes it extremely easy and convenient for people to collect their cash no matter where they are in the country, and we are continuously expanding our network and agent coverage.”
Collectively, Mama Cash and TNM are bettering entry to important monetary providers in underserved communities in each South Africa and Malawi by making it simpler, sooner, and extra inexpensive 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 by a free cellular utility that may be downloaded from the Google Play or Apple App Retailer in South Africa.
Mama Cash is without doubt one of the fastest-growing cash switch operators with over 720,000 customers and gives low charges and nice change 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 along with your passport or id doc.
For extra data, go to www.mamamoney.co.za
About TNM Mpamba Restricted (TNM)
TNM Mpamba Restricted is a digital monetary service supplier providing Cellular Cash Companies (Mpamba). Mpamba is accessible by cellular gadgets on USSD *444# and the TNM Good app; providing providers to each people and corporates. This indigenous monetary providers supplier was established on 1st Could 2013 as a subsidiary of TNM PLC. TNM Mpamba Restricted was then registered as a separate entity on 1st November 2018 and is 100% owned by TNM PLC.
For extra data, go to https://www.tnmmpamba.co.mw/
Media contacts
TNM Mpamba Restricted
Tione Kafumbu
Mama Cash
Thomas Maree
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