Capitec and Mama Money Team Up to Revolutionize Cross-Border Money Transfers for African Migrant Workers
South Africa’s leading digital bank, Capitec, has joined forces with the remittance fintech provider, Mama Money, in a groundbreaking partnership. This collaboration aims to significantly reduce the cost of sending money across borders, providing crucial financial relief to the nation’s 2.4 million migrant workers. This partnership represents a significant step forward in the African fintech landscape, offering a more affordable and efficient way for individuals to support their families back home.
Lowering Costs and Speeding Up Transfers: A Game Changer for Migrant Workers
The new service dramatically reduces remittance fees, which typically range from 8% to 12% across the African continent, to as low as 5%. Moreover, the partnership ensures faster transfers, completing transactions within minutes instead of the traditional days. Mathieu Coquillon, Co-Founder of Mama Money, emphasized the significant impact of high fees, stating that a R150 fee on a R1,000 transfer directly affects a family’s financial stability. This partnership directly addresses the historical challenges faced by migrant workers from countries such as Kenya, Lesotho, Malawi, Mozambique, Uganda, Zambia, and Zimbabwe. These challenges include high fees, complex paperwork, and limited digital options for sending money home. Capitec’s integration with Mama Money streamlines this process, offering a simpler and more affordable solution.
This partnership represents a significant advancement in Africa’s financial services sector, fostering financial inclusion and economic empowerment. The collaboration between Capitec and Mama Money promises to improve the financial well-being of migrant workers and their families across the continent.
Keywords
Related Keywords: Capitec, Mama Money, Fintech partnership, migrant workers, Africa, money transfer, financial empowerment, crossborder payments, remittances, South Africa
