Considered the fastest growing African fintech company, Chipper Cash mobile app will enable instant peer-to-peer (P2P) payments from the US to 7 countries in Africa and the UK. Since they are not the first remittances player in the market, one may wonder what makes Chipper Cash better than other many money transfer services available. The secret seems to be the “Instant, No fees, Best rates” proposition as mentioned by Chipper Cash Co-founder & president Maijid Moujaled during last month’s launch. It is reported that the United States is a crucial remittance corridor into African countries today. The World Bank estimates that north of $45 billion was sent to Sub-Saharan Africa in 2019, with the United States contributing 27% of this number. The figure above doesn’t capture informal transfers. The expensive, sometimes frustrating, and never-ending chains of go-betweens that Africans sometimes have to go through to send money to their families. This is what Chipper Cash is working to solve in their quest to unlock global opportunities through partnerships and a host of services built into the Chipper Platform.
How Does it work?
The app-based money transfer service requires one to download the Chipper Cash app available on both Android and iOS. With the app, you can fund your wallet, select the contact or recipient mobile number and transfer funds just like that in Ghana, Kenya, Nigeria, South Africa, Rwanda, Tanzania, Uganda, UK and now the US.
What next for Chipper Cash?
The African cross-border payments company, has raised $150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX as reported by Tech Crunch this signals a lot of possibilities on what the platform will be able to do. Basing on what we see in the app and a post on their Twitter handle, Chipper customers may soon be able to buy global stocks and crypto on the app. On what next for Chipper Cash, Co-founder and president Maijid, mentioned that their launch in the United States, the global partnership with Burna Boy, and Twitter Tips integration are all steps in their journey to make sending money to, from, and across Africa easy, accessible, and maybe even fun. Chipper Cash recently launched in new markets like South Africa, Ghana, and the UK and will be rolling into other markets in the coming months. They also launched the Chipper VISA card in Nigeria and will be expanding the product across the continent. As we wait for all big things Chipper Cash has in store, we will celebrate the fact that sending money to your loved ones from the diaspora just got easier.
