If there is one thing you can bank on when it comes to financial services, it is that you will pay high fees. In fact, Mathieu Coquillon of Mama Money points out that SA has the highest remittance commission fees in the world! He says that four of the five most expensive remittances corridors originate in our country. Since the UN always speaks about the high costs of remittances and how reducing these will positively impact on poverty, Mathieu and his business partner decided to do something about this. “Mama Money is an innovative, cashless international money transfer operator. We are a socially minded business, launched with the express goal of drastically reducing remittance costs, to ensure that more money arrives in the pockets of the people who really need it. We provide micro remittances at micro rates, mainly for migrant workers who send money home every month in order to support their families. Furthermore, our service allows customers to transact anytime, anyplace using their mobile phones, which means faster transfers in times of emergency, while also eliminating the risk of cash transfers,” he says. “One just needs to look at the current European migrant crisis to see how money transfer is going to continue growing rapidly. Last year, Africa alone received some $50 billion in remittances from abroad. To put this into perspective, the World Bank estimates that reducing remittance fees globally by 5% could mean an extra $16 billion arriving into the pockets of those who need it most.” Mathieu adds that he already has further plans to help the underprivileged. He wants to develop a low-cost banking solution for customers, taking banking to the unbanked and enabling a further reduction in transfer costs. He also wants to expand into additional corridors, such as Malawi, Lesotho, Zambia and Mozambique, as well as adding more migrant-specific financial services such as banking and insurance products.