Mama Money Review: How Fast and Cheap Is It?

Mama Money is a South African fintech that enables people to send money from South Africa to 17 African countries. It was founded in 2015 by Mathieu Coquillon and Raphael Grojnowski. The countries include Mozambique, Nigeria, Zimbabwe, and Zambia. Users can also send money from South Africa to India and Bangladesh.

The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.

In July 2020, Mama Money announced a partnership with Western Union. Through this partnership, Mama Money will use Western Union’s network to enable customers to transfer and receive funds. Mama Money customers can send money for cash collection at Western Union agent locations in Cameroon, Ethiopia, Malawi, Tanzania, Uganda, and Zimbabwe.

 

How Mama Money Works

To register for Mama Money transfer service, you need to download Mama Money Android or iOS app. You can also register at Mama Money agents. Find your nearest agent here.

Documents needed to complete include official passport, government ID, asylum papers, and Green-Bar coded ID. You also need to provide proof of address. Accepted proof of address include a utility bill (not older than 3 months), a bank statement (not older than 3 months), a recent lease or rental agreement (agreement must not be older than 1 year), municipal rates and taxes statement (statement must not be older than 3 months), mortgage statement (statement must not be older than 3 months), telephone or cellular statement (not be older than 3 months), insurance policy document (not be older than 3 months), vehicle license (license must not be older than 1 year) and a statement of account issued by a retail store (not be older than 3 months). You also need to fill out Mama Money Proof of Residence Affidavit (not older than 3 months). Finally, you need to take a photo of you holding your ID documents close to your face.

How to Pay for Mama Money Transfers

Payment methods for Mama Money transfers include cash at partner retailers in South Africa
(Pick n Pay, Boxer, Makro, Game, Shoprite, Cambridge, Checkers, Spar, Top it Up(, electronic money transfer through First National Bank, NedBank and Standard Bank. No cash deposits can be done at the bank. You can also pay using your funds from Mama Money Green Card.

How to Receive Mama Money Transfers

Your recipient can receive the funds via mobile money wallets such as Tigo Pesa, Airtel Money, MTN Money, and M-Pesa. Other options are bank account and cash pickup at Mama Money partner locations. Some receiving options may not be available in your recipient’s country.

What Are Mama Money Transfer Limits?

Mama Money has transfer limits. You can always apply to upgrade your account for higher limits if you are an existing customer. If you are a new customers, you need to follow the registration steps and decide whether you want to apply for higher limits.

There are different requirements and limits depending on which document you used to register for Mama Money as shown in the image below.

Mama Money Transfer Limits for South African Documents

If you have registered with South African documents, there’s no daily limit and you can send up to a maximum of R50,000 per month. For cash payments, the daily limit is R20,000. For payments higher than this you will need to use EFT as your payment option.

If you use your Payslip as Proof of Income, your monthly limit will be a minimum of R25,000 up to R50,000 and your daily limit will be removed. If you select the Self-Declaration option for Proof of Income, your daily limit will be R5000 and your maximum monthly limit will be R25,000. For cash payments, the daily limit will be R20,000. For higher limits, you will need to use EFT as your payment option.

Mama Money Transfer Limits for Asylum/Refugee Documents and Foreign Passport

To upgrade your account you will need to submit Proof of Residence and Proof of Income. If you select to send your Payslip as Proof of Income, your monthly limit will be a minimum of R25,000 up to R50,000 and your daily limit will be removed. For cash payments, the daily limit is R20,000.

What is Mama Money’s Transfer Fees and Exchange Rate?

Mama Money transfer fee depends on the destination. In most case, the maximum fee is less than 5% of the transaction amount. For example, if you send R1000 to Zimbabwe, you will pay R48.00 and your beneficiary will receive 56 US dollars. Mama Money gives its customers the same exchange rate it gets from the bank. You will find the exact exchange rate before you complete your transaction.

The money sent home is mostly used for food, medicine, housing and children’s education. Therefore, if less money gets stuck with the money transfer operator, more money arrives in the pockets of people who really need it. Its really that simple: Lower money transfer fees will lead to better nutrition, better health care, better accommodation. A brighter future.

Money transfer costs are incredibly expensive. The World Bank estimates that cutting prices by 5% points can save migrant families an extra $16 billion a year. In comparison to the World Food Programme budget of $ 1 billion, thats huge! Keeping in mind the World Food Programme reaches 100 million beneficiaries a year with a $1 billion budget. Now imagine what families throughout the world could buy with an extra $16 billion. So that’s where the idea for Mama Money comes from.

How Long Does the Transfer With Mama Money Take?

Mama Money transfer speed varies depending on where you are sending money and the transfer method you select. Typically, once Mama Money has received payment, it pays out transfers to recipients within 24 hours.

Is Mama Money Safe?

Yes, Mama Money is safe. It is regulated by the South African Reserve Bank and abides by South Africa’s Financial Intelligence Center Act (FICA).

Where Can I Send Money With Mama Money?

Countries where you can send money using Mama Money service are Botswana, Cameroon, Congo-Brazzaville, Democratic Republic of the Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Somalia, Tanzania, Uganda, Zambia, and Zimbabwe.

More Information

Countries you can use this service with:



Types of money transfer available