Technology disrupters like Mama Money want to bring costs dramatically lower IT’S HARD to keep track of the flurry of financial service start-ups that are banking on their technological edge to take on established players.It’s the turn of the lucrative remittance market, which has long been dominated by global heavyweights MoneyGram and Western Union. A number of new entrants employing mobile technology are attempting to gain a share of the US$608bn market. Remittances to sub-Saharan Africa are expected to reach $34bn this year, according to the World Bank.The remittance industry has traditionally been cash-based, expensive, slow and inconvenient for millions of rural dwellers. Mobile phone penetration in sub-Saharan Africa is expected to reach 79% by 2020, according to Frost & Sullivan, making the cellphone the perfect vehicle for cheaper, more accessible remittances.Cape Town-based Mama Money is among the mobile start-ups challenging the dominant money transfer companies.Launche...
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