Paymentology Expands in Africa
New partnership with Mama-Money announced
Global issuer processor Paymentology is actively advancing its goal to grow its business in Africa and deepen its African roots with a new partnership announced this week.
According to Jeff Parker, Paymentology’s CEO, “Africa holds a special place in Paymentology’s heart, as it’s where our journey began. We have deep roots here, and it’s incredibly important for us to continue doing business on the continent,” he said.
Paymentology, a leading next-gen Fintech and a global issuer-processor company, announced its new partnership with Mama Money, one of Africa’s leading cross-border money transfer operators, and Access Bank, to launch a pioneering new bank card service that stands out for its innovative use of WhatsApp banking, indicating that this innovation is expected to continue their growth trajectory.
The new service, via its innovative integration with WhatsApp, the Mama Money Card, will not only allow clients to transfer payments internationally, buy also to buy electricity and airtime, download bank statements, or check account their account balance.
The Mama Money Card costs only R100 with R25 monthly fees, making the service affordable to Mama Money’s customers in South Africa, who are mostly from countries such as Zimbabwe, Malawi, Ghana, Nigeria and others across Africa, and 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.
Mathieu Coquillon, co-founder of Mama Money, emphasizes the partnership’s impact:“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.”
Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology continued:”At Paymentology, we are drawn to working with organisations that share our core values. That is incredibly true of our partnership with Mama Money who are trailblazers in delivering inclusive financial solutions.”
Paymentology was formed in 2021 following a merger with Tutuka – a South African payments company founded in 1998 – creating what Parker has called “a global payments processing powerhouse. “Together, the two payment innovators created a company that now supports over 400 clients in over 50 countries and has processed over a billion transactions.
Parker said the company has a very strong base in South Africa, owing to its roots in the country, while Its maintains opperations in other African countries including Kenya, Botswana, Zambia, Zimbabwe, Côte d’Ivoire, Senegal and Tanzania.
When it comes to further expansion, he said the group is strategically growing its footprint in these nations and is also “actively exploring additional jurisdictions with regulations friendly to the cutting edge of cloud-based fintech,” which will enable it to introduce its payments platform in partnership with local businesses.
