Mama Money
editMigrant workers use remittances to send money back home. Its only documented migrants can use formal channels to send money home.[1]Mama money was founded in 2015. They call themselves a "Social Business Money Transfer Operator."[2] Their vision is to make it possible for African migrants to send money home. They make cross border payments affordable, by lowering the cost. And FICA them with a phone [3]
History
editMathieu Coquillon and Raphael Grojnowski formed MamaMoney in 2013[4]
Criticism and Risks
editMoney remittance services are both wittingly and unwittingly drawn into money laundering activities.[5]Simply because of the large volume of funds that are transferred, illicit activity are undetected [6]
Reference
edit| International Money Transfers with Mama Money
- ^ https://digitalfrontiersinstitute.org/oh-mama-an-introduction-to-one-of-south-africas-newest-money-transfer-providers/
- ^ https://family-app-qa.eng.mamamoney.co.za/mamas-story/
- ^ https://www.itweb.co.za/article/mama-money-simplifies-fica-registration-with-a-selfie/WKBpdg7p6bKqLEew
- ^ https://ventureburn.com/2021/02/sa-fintech-mama-money-grows-500-during-the-pandemic/
- ^ https://www.fatf-gafi.org/en/publications/Methodsandtrends/Moneylaunderingthroughmoneyremittanceandcurrencyexchangeproviders.html
- ^ https://www.gao.gov/products/gao-16-65