Latest news with #crossbordertransfers
Finextra
05-08-2025
- Business
- Finextra
Capitec Bank and Mama Money partner for reimttances
Capitec Bank, South Africa's largest bank with over 24 million clients, has partnered with leading remittance fintech Mama Money to dramatically reduce the cost and simplify sending money across borders for the country's 2.4 million migrants. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership addresses a critical need in South Africa's financial ecosystem, where migrants from Kenya, Lesotho, Malawi, Mozambique, Uganda, Zambia and Zimbabwe have historically faced high fees and complex processes when sending money home to support their families. With women comprising over one million of South Africa's migrant population, this partnership will transform how families across the region access financial services. Migrants regularly send billions in remittances across Africa, with traditional banks often charging prohibitive fees that eat into money desperately needed by families. Traditional bank transfers often cost 8-12% in fees, while Mama Money via Capitec starts from as low as 5%, with processing taking minutes instead of days. Capitec customers can now access Mama Money's remittance platform directly through their mobile banking app, using the Universal Mama Money Token. Recipients receive a 12-digit token via SMS, allowing them to collect cash from partner locations, including banks and agents across 70+ countries – no bank account required. "Mama Money and Capitec share the same principles about low-cost financial services to impact customers' lives positively. It's about more than convenience – it's about dignity and fairness for people who work hard to support their families," said Mathieu Coquillon, co-founder of Mama Money. "When someone earning minimum wage has to pay R150 in fees to send R1,000 home, that's money taken directly from a family's food budget." The collaboration combines Capitec's massive customer base and digital infrastructure with Mama Money's decade of experience in facilitating millions of cross-border transactions across Africa, Asia and Europe. Francois Viviers, Group Executive of Marketing and Communications at Capitec, says the solution was born from a deep understanding of the challenges millions of people living and working in South Africa face. 'We live on a connected continent, where the age-old tradition of supporting family and community is a fundamental part of our culture. Yet, sending money across borders has been expensive, complicated and stressful for millions. We see an opportunity to apply our 'simple, affordable and transparent' banking ethos to this problem. Our clients work hard for their money, and they deserve a solution that safely and affordably delivers more of that money to where it's meant to go.' The service is now available through Capitec's mobile app with transparent pricing, completion within minutes, and full regulatory compliance.
Yahoo
14-07-2025
- Business
- Yahoo
Blue Remit joins forces with TerraPay to enhance global payout capabilities
Blue Remit, the digital remittance subsidiary of Al Ansari Financial Services PJSC, has teamed up with TerraPay to bolster its payout . By combining Blue Remit's digital platform with TerraPay's interconnected payment system, the partnership will facilitate instant transfers to bank accounts, mobile wallets, and cards worldwide. Blue Remit CEO Rashed A. Al Ansari said: 'Expanding the accessibility and performance of our remittance corridors is at the heart of Blue Remit's growth strategy. TerraPay brings strong infrastructure, deep market coverage, and the compliance sophistication we look for in every partner.' Blue Remit, previously known as Worldwide Cash Express, draws on more than 50 years of financial services experience under Al Ansari Financial Services PJSC. As a B2B-oriented money transfer operator (MTO), it provides solutions for cross-border transactions. TerraPay streamlines global payments through a single connection to networks regulated in over 30 markets, supporting transfers to more than 150 receiving countries and 210 sending countries. TerraPay co-founder and chief business officer Ani Sane stated: 'Our mission has always been to simplify and accelerate global money movement. Partnering with Blue Remit allows us to extend this capability to a broader customer base, ensuring fast, transparent, and compliant remittances – especially to markets where speed and reliability matter most. In May, TerraPay partnered with Wave Mobile Money to facilitate cross-border remittances for Malians, enabling them to receive international funds directly into their Wave mobile wallets. "Blue Remit joins forces with TerraPay to enhance global payout capabilities " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
