Bulls n Bears Entrepreneurship Zone :: Startup snapshot: Mama Money allowing migrants to send funds abroad

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South Africa-based Mama Money is a fintech remittances startup that allows
migrants to send money to their home countries. Director and co-founder
Mathieu Coquillon answers our questions.


1. Give us your elevator pitch.


Mama Money is a cross-border money transfer service allowing migrants to
send money from South Africa to their home country.

The platform we offer is mobile based. This technology allows us to offer
more convenience and lower costs. We pay out through mobile money networks
across Africa, which solves the last-mile challenge of getting money to
rural communities.


2. How did you finance your startup?


We bootstrapped. The first two years were spent applying for a licence from
the South African Reserve Bank and building the technology. We have been
operating now for three years using a small budget but really learning how
to make every cent count.

Late 2017 saw Mama Money do an investment raise which has helped immensely
during this hyper-growth phase.


3. If you were given US$1m to invest in your company now, where would it
go?


Product development and marketing. There are endless opportunities to
develop financial solutions which would solve real problems. The challenge
is time and finding the talent. Once we have the solutions, it’s all about
marketing it to customers.


4. What risks does your business face?


Knowing which project to take on next. There are so many opportunities in
this space – you don’t want to miss out. But at the end of day it’s
important to focus on what the customers need most.


5. So far, what has proven to be the most successful form of marketing?


We run an agent network of entrepreneurs in the markets we service.
Currently the network extends across South Africa and is made up of over 700
individuals. Going to our customers, instead of them having to come to us,
has proven very successful.


6. Describe your most exciting entrepreneurial moment.


There have been many, but if I had to put it down to a moment it would have
to be December 2017. Our business doubled over the course of a month, which
validated the four years of hard work leading up to that point. It was that
moment when you realise you’re really onto something.


7. Tell us about your biggest mistake, and what you’ve learnt from it?


When we started we tried to reinvent the wheel too early by not allowing
cash payments for remittances. We quickly realised that the majority of our
customers didn’t have bank accounts and that we need to find a way to accept
cash at retail stores. The biggest lesson was: don’t try and force the
market to make too big of a step away from what they’re used to. Do it
slowly and you’ll get there in the end.


8. In addition to your own industry, name one untapped business opportunity
in Africa.


Ninety per cent or more of Africans don’t have any form of insurance.
Insuretech is a hugely exciting opportunity because with mobile phones and
mobile money these startups will be able to access the market quickly and be
agile in creating bespoke insurance products based on the needs and
behaviour of their customers.--Howwemadeitinafrica



Mama Money founders Mathieu Coquillon (left) and Raphael Grojnowski

 

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