Mama Money simplifies FICA registration with a selfie
Local fintech start-up Mama Money has introduced an online process that allows users to complete their financial intelligence centre act (FICA) registration by taking a selfie.
Previously, users had to register through an agent or at Pep stores prior to making any transactions, however the recent amendments to the FICA Act have made it possible for users to register online, allowing anyone to register independently in three easy steps, adds the company.
"Financial services in SA are very difficult to access for migrants who are earning money from informal jobs. We help them to send money back to their families easily and affordably," says Mama Money co-founder Raphael Grojnowski. "Our new registration process eliminates requesting documentation that they don't have. It offers the option to self-register via the app.
The news here is not so much about what Mama Money has done, but rather the amendments to FICA that makes it possible. The FICA process is rather a pain to go through every time you open an account, lease a property, open a cellphone account, etc. Last month, the minister of finance Malusi Gigaba amended the money laundering and terrorist financing control regulations and withdrew exemptions made in terms of the FIC Act 2001, effective 2 October 2017.
|Mama Money simplifies FICA registration with a selfie
The newly introduced service allows users to register online and then take a selfie holding either their ID or passport documents..