Mama Money is a funds-transfer facility which was conceived as an idea by two Cape Town entrepreneurs as a way for Zimbabwean expats to easily and cost effectively transfer funds to relatives and friends in their own country.
As you know, we have many people working in South Africa so that they can send money back home where it is needed.
Research has shown that they send back a third of their earnings each month, with an average amount of R1000 per transaction.
South Africa is one of the most expensive countries from which to send low-value remittances, specifically to neighbouring countries. According to the World Bank, an average fee rate of almost 19% of the amount is charged to send the equivalent of $200 from SA to neighbouring countries. While The global price average is 8.9%.
Currently the system is only available for Zimbabwe, but plans are underway to extend it to a number of other countries
Listen to Kieno Kammies' interview with Mama Money co-founder and director Matt Coquillon