South Africa’s largest digital retail bank, Capitec, has partnered with remittance fintech Mama Money to radically lower the cost of sending money across borders a financial lifeline for the country’s 2.4 million migrant workers.
The collaboration marks a major fintech milestone in African financial services. With remittance fees across the continent still averaging between 8–12%, this new offering slashes costs to as low as 5%, and enables transfers to be completed in minutes rather than days.
“For someone earning minimum wage, a R150 fee to send R1,000 home is a direct hit to a family’s survival,” said Mathieu Coquillon, Co-Founder of Mama Money. “We’re changing that.”
A Direct Answer to a Longstanding Pain Point
Migrant workers from Kenya, Lesotho, Malawi, Mozambique, Uganda, Zambia, and Zimbabwe have historically faced exorbitant fees, complicated paperwork, and limited digital options when sending money home.
Capitec’s integration with Mama Money eliminates much of this friction. Customers simply log into the Capitec mobile app, select Mama Money, and generate a 12-digit Universal Mama Money Token. The recipient, who doesn’t need a bank account, receives an SMS and can collect the cash from partner banks or agents in over 70 countries.
It’s a streamlined solution that’s fully POPIA- and FICA-compliant, transparent in pricing, and built for Africa’s real-world challenges.
Supporting African Families, Especially Women
Women represent nearly half of South Africa’s migrant population, many of whom are the primary breadwinners for families in neighbouring countries. By lowering remittance fees and simplifying access, the Capitec-Mama Money collaboration directly contributes to gender-inclusive financial empowerment.
“Supporting family across borders is a cornerstone of African communities,” said Francois Viviers, Capitec’s Group Executive for Marketing and Communications. “Yet the process has been costly and complex. We’re delivering a solution that’s simple, affordable, and transparent—values at the heart of our banking ethos.”
The Fintech Edge: Scalable, Digital, and Trusted
Founded in 2015, Mama Money has quietly built a reputation as one of Africa’s most trusted cross-border payment providers, enabling millions of transactions to 70+ countries. Its expertise in low-fee, digital-first transfers makes it a natural fit for Capitec, whose 24 million customers rely on simple and low-cost digital banking.
For fintech startups watching the space, this partnership underscores a key trend: mainstream banks are now integrating fintech-native solutions to serve overlooked market segments, particularly the informal economy and the underbanked.
“This is about dignity and fairness,” said Coquillon. “We’re giving people the tools to support their families, build resilience, and participate in the digital economy—no matter where they come from or how much they earn.”
A Broader Shift in Financial Inclusion
As fintech matures across Africa, partnerships like this are a sign of what’s next, where incumbents and startups collaborate to solve deeply rooted financial challenges. With Capitec’s digital reach and Mama Money’s remittance technology, the alliance is more than a product; it’s a signal that financial services in Africa are finally being built for those who need them most.