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Mama Money partners Access Bank, Paymentology to launch WhatsApp-powered bank card in SA

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Africa’s cross-border money transfer operators, Mama Money, has entered into partnership with Access Bank and Paymentology to launch a WhatsApp-powered bank card in South Africa.

According to Mathieu Coquillon, co-founder of Mama Money, “through its integration with WhatsApp, the Mama Money Card allows users to transfer payments internationally, buy electricity and airtime, download bank statements, check their balance and manage their account using the data-friendly messaging platform.”

He added that the innovation would make it much easier than traditional banks that often require proof of address to get a bank card.

“This is a key feature for Mama Money’s customers in South Africa, who are mostly from countries such as Zimbabwe, Malawi, Ghana, Nigeria, India and many more, to easily get a bank card that gives them access to fundamental financial services and the ability to send money to over 70 countries worldwide,” said Coquillon.

“Through Paymentology’s next-generation payment solution, the Mama Money Card also offers advanced security features that allow you to instantly freeze the card through WhatsApp in case of loss or theft.

“The Mama Money Card represents a significant step in empowering communities, particularly in aiding migrants.

“It provides a platform for secure employer payments, encourages savings, and ultimately contributes to the financial well-being of its users.

“By catering to the specific needs of a diverse customer base, Mama Money continues to dismantle financial barriers and promote inclusivity.

“In a nation where an estimated 4 million migrants reside with many not having access to essential financial services, initiatives such as this from Mama Money, powered by us, play a pivotal role in bridging the gap in financial inclusivity,” Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology also stated.

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IFC partners Deutsche Bank to boost trade finance in Africa

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The International Finance Corporation (IFC) has entered into a partnership with Deutsche Bank aimed at boosting trade finance in Africa.

In a statement by the IFC which is a member of the World Bank group, the risk-sharing facility with Deutsche Bank of up to €215 million will help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile and conflict-affected states.

The partnership with Deutsche Bank is expected to help meet the demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back, ultimately supporting the ongoing flow of trade on the continent.

“Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa,” the statement said.

It added that the initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.

“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Goule, Vice President for Industries. IFC.

“This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.

“IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent,” he added.

Also speaking on the partnership, Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank, said:

“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets.”

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Western Union launches first African concept store in Morocco

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Western Union has unveiled its first African concept store in Morocco in collaboration with Cash Plus.

The concept store which is located in the satellite city of Errahma offers a unique, Western Union-branded experience to customers as they send and receive money internationally, according to Mohamed Touhami el Ouazzani, Regional Vice President of Africa, Western Union, who led the unveiling of the store.

“We are thrilled to launch our first concept store in Africa – right here in Morocco,” said Ouazzani.

“The country and the wider continent play a crucial role in our growth strategy, thanks to their dynamic markets and significant remittance flows.

“Morocco is a major inbound market in Africa, with loved ones receiving international money transfers from all over the world, including the United States, France, Spain, Italy, the United Arab Emirates and the Kingdom of Saudi Arabia.

“We are delighted to launch this store in collaboration with Cash Plus, bringing customers a new level of convenience, support and accessibility.”

He added that the launch of the concept store marks a significant milestone in the company’s ‘Evolve 2025’ strategy for the country and the continent.

Also speaking on the collaboration, Hazim Sebatta, CEO at Cash Plus said:

“We are excited to expand our collaboration with Western Union to bring this unique concept store to Morocco, redefining the money transfer experience.

“Our collaboration with Western Union aims to provide exceptional service to customers, transforming the way they send and receive money and empowering them with greater convenience, efficiency and reliability.”

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