In this episode of LIFT, I talk to Mathieu Coquillon, Co-Founder of Mama Money, Africa’s first completely cashless money transfer system. Matt and his business partner Raphael Grojnowski originally met in Mozambique and subsequently formulated their business plans whilst travelling through Africa in a big yellow school bus.
Mama Money is fundamentally a socially conscious fintech business with the clear purpose of social upliftment through financial inclusion.
The company uses technological advances in financial software, social media and mobile phones to create an entirely new way for people to send money, and as a result, they are able to drastically reduce remittance costs so that more money arrives in the pockets of the people who really need it.
Moving money within Africa is a huge challenge. The multi-billion dollar industry is fraught with difficulties, not least the exorbitant costs. According to recent World Bank reports, remittances to Africa are the most expensive in the world at around 9.4%. Mama Money manages to bring those fees down to a workable 5%.
Matt talks about why he and Raphael started the business, their journey so far and how Mamma Money is touching the lives and effecting the wallets of millions of people across Africa and beyond.
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