Revenue isn’t earned if customers can’t transact. To be a strong contender in money transfer, Mama Money’s platform has to be trusted and stable. Our team at Electrum utilised their expertise in transaction processing to build and manage Mama Money’s remittance network. Our history of working with mission-critical payment systems means we can offer a robust, dependable, and scalable solution that meets Mama Money’s goals. The fault-tolerant, cloud-based system ensures that high-value money transfer orders are not lost should one leg of the transaction fail.
How Electrum Helped Their Client Crack Money Transfer
- Launched in 2015
Helps migrants send money home to their families
Africa’s first cashless money transfer system
“Mama Money is driven by social impact and using tech for good. Our service allows people to send money home - in the easiest, most reliable, and most cost effective way. It is through trusted transaction technology, provided by Electrum, that we can achieve this. We can rest-assured that our customers are always able to transact, while we offer the best possible pricing in South Africa.”Mathieu CoquillonCo-Founder of Mama Money
Mama Money Goals
- To use advances in technology to make remittance as easy and as cost-effective as possible, by allowing users to fully register and create money transfer orders on their mobile app
To bring the cost of sending money home down – with fees as low as 1%, or less, depending on what amount you send
A company that focuses on directly assisting people who don’t earn a lot, rather than looking at profit maximisation
“We’ve been there since the beginning, and are excited to be part of the journey that sees Mama Money become one of South Africa’s largest money transfer operators.”Dave GlassElectrum CEO
Mama Money runs a mobile app and USSD platform which are all capable of sending money overseas. Electrum plays the role of experienced integrator, allowing Mama Money to easily expand to new corridors in Africa, Asia, and Europe.
When a money transfer order is created, a remittance network of third parties is used to route remittances to international financial entities.
In competitive markets, the speed at which a company can effectively add new services is crucial. We have been able to integrate new partners quickly and easily ensuring fast speed to market to support Mama Money in opening new money transfer corridors. The pace at which both teams are able to build and test high-quality software, coupled with our open-source APIs and our wide network of integration partners, makes this possible. In addition to ensuring rapid speed to market, our cloud-hosted solutions mean decreased infrastructure costs and economical solutions.
Electrum is trusted to understand the money transfer world of compliance and regulations, with our secure solutions aligning with international standards and carrying ISO27001
accreditation. This compliance plays a big role in allowing Mama Money to connect with partners in order to offer an ever-growing network of international payouts.
In addition to running an efficient, reliable, and cost-effective remittance platform, Mama Money can monitor, troubleshoot, and pull reports from the Electrum Dashboards. This extra built-in support means that they can offer the best possible service to their customers. This also makes scaling up easy for the company – keeping them in line with their business goals.