Good news for South African as Chipper Cash launches in the country. The announcement was revealed in a statement released on Thursday. Chipper Cash’s financial services are now available in South Africa. South Africans can now enjoy unhindered instant domestic money transfers, make cross-border payments, pay bills, Recharge airtime for themselves and others, and even make cryptocurrency investments.
Its launch in South Africa brings the total number of countries that it is operating in to seven. The fintech runs operations in Nigeria, Rwanda, Kenya, Ghana, Uganda and Tanzania.
Chipper Cash attained unicorn status months ago after raising $100 million in Series C funding. The platform is not only very efficient and fast, it eradicates the outrageous rates and difficulties that arise from regulations and restrictions associated with cross-border payments. In June of 2020, the company closed its Series A round with $13.8 million. The round was led by Deciens Capital. In November of the same year, the company raised $30 million in a Series B round led by Ribbit Capital and Jeff Bezos-funded Bezos Expeditions.
Fintech startups like Chipper Cash have helped to reduce the financial inclusion gap in Africa as they provide fast and efficient options for domestic remittances, bill payments, loans, etc. Chipper Cash’s launch in South Africa will not only be beneficial to the startup, it will also be beneficial to the country.
Chipper Cash’s selling points include its interactive and simple user interface, low transactional costs, uncomplicated processes, etc. Founded in 2018 by Ham Serunjogi and Maijid Moujaled, Chipper Cash is one of the biggest African startups facilitating cross-border payments within the continent. It has its headquarters in San Francisco, US, and has offices in the UK, Kenya and Nigeria.
“Over R157 billion moves between provinces every year, with people sending money to their families and friends. This is not only the result of the 7.7 million people who moved to other provinces for work, but it is the overall 24 million South Africans who send money to each other daily. Chipper Cash’s free, fast and easy domestic P2P service is now available to them all. We believe it gives South Africans the freedom to instantly send money anywhere in the country from their mobile phones”, the company’s Vice President of Strategy and Partnership in Africa, Pardon Mujakachi, said on the company’s expansion to South Africa.