Fintech startup Mama Money is making FICA verification simple
South African fintech startup Mama Money has introduced a rather novel way of registering its customers with the Financial Intelligence Centre – the selfie.
Mama Money allows Africans to make cross-border transfers in South Africa, Zimbabwe, Nigeria, Malawi, Kenya, Ghana, Tanzania, Ethiopia, Uganda and India as well.
Rather than request users send reams of documents to prove that they are who they say they are so they can send money to family in other countries, Mama Money now only needs a photo of a user’s ID or passport and a selfie of the user holding that document.
“Financial services in South Africa are very difficult to access for migrants who are earning money from informal jobs,” says Mama Money co-founder Raphael Grojnowski.
“We help them to send money back to their families easily and affordably. Our new registration process eliminates requesting documentation that they don’t have,” Grojnowski added.
Mama Money users can also register at PEP stores or with a Mama Money agent.
We love this idea not just for foreigners but for locals as well. FICA registration is a inconvenient and a solution where folks can prove who they say they are with two photos falls into the “why have we not been doing this for years” category.
If you are looking for a cheap way to send money to family in Africa (or India) check out the Mama Money app on the Google Play Store. The firm only charges 5% of the amount you are sending so it’s incredibly competitive with other solutions.
Of course we recommend you do a bit of research before diving into any financial service and the Mama Money website is a great place to start.