A bank card that enables cardholders to manage their account and money through a WhatsApp solution has been launched by fintech Mama Money in collaboration with financial services firm Access Bank and retailer Pick n Pay.

The aim is to overcome the barriers millions in the country face when trying to access conventional banking services.

Financial inclusion increases access to the formal and digital economy and the Mama Money Card makes it easier and more affordable to access fundamental financial services, the companies say.

Mama Money card customers can easily manage their accounts using WhatsApp, including buying airtime or electricity, depositing cash, checking account balances and instantly freezing the card if it has been lost or stolen.

Customers can also shop online or swipe in stores to buy goods, withdraw money from any ATM and send money to more than 70 countries worldwide using the cards.

Customers can download the Mama Money app and register and then collect their cards from selected Pick n Pay stores in Cape Town, Durban or Johannesburg.

There is a one-off cost of R99 for the card and a monthly fee of R25. New customers signing up this month will not have to pay the fee for this month. For sending money abroad, the fee is 5% or less, depending on where the user is sending money to.

The Mama Money card makes it much easier for under-served communities to access bank services, as all they need is proof of identity such as a passport, asylum document or South African ID to register for Mama Money on their phone, says Mama Money co-founder Mathieu Coquillon.

“The Mama Money card has significant potential to reach South Africa’s unbanked population. With convenient access through WhatsApp, it removes barriers like physical bank branches or ATMs that often limit banking options,” says Pick n Pay Value-Added Services, Financial Services and Mobile executive head Deven Moodley.

“Given South Africa’s high cellphone and WhatsApp use, this service makes essential banking and payment functions more accessible.

“Pick n Pay is proud to support this innovative, tailored solution through our extensive store network, thereby bringing financial inclusion one step closer to everyone, which we have always promoted,” he adds.

Mama Money has seen significant demand for the solution from employers who previously paid their staff in cash or via e-wallet or have issues with employees sharing bank account details, Coquillon points out.

Each Mama Money card comes with its own account number that makes it simple to pay salaries and gives cardholders full control of their money.

“The Mama Money card provides security and promotes secure savings, thereby improving the livelihoods of our customers,” he says.