Chipper, one of Africa’s rapidly growing fintech businesses, has gained a foothold in South Africa. Customers in South Africa may now benefit from free peer-to-peer money transfers, unlimited quick domestic money transfers, cryptocurrency investments, and the ability to buy and send airtime and data to loved ones.
Founded in 2018 by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana), with headquarters in San Francisco, they have a presence in six African nations: Nigeria, Kenya, Ghana, Rwanda, Tanzania, and Uganda, with South Africa bringing the total number of African countries to seven.
With South Africa’s high percentage of unbanked people (approximately 11 million as of 2019), the need for alternate domestic remittance solutions has grown. This is where Chipper Cash comes in, as people may now purchase airtime and data from leading South African network carriers to send to loved ones.
It also provides an avenue for users to buy, sell and transfer Ethereum, Bitcoin and USD Coin all in one app. Since its launch, they have grown exponentially raising over $100 million in a Series C funding round in June 2021, and with over 4 million users globally, up to 80,000 transactions processed per day.
Speaking on this Pardon Mujakachi, Vice President: Strategy &Partnerships Africa said, “Domestic remittances are a lifeline for many families in South Africa. 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.”
How Chipper Cash Works.
To join the Chipper Cash ecosystem, new users must register their profiles. However, the app’s services are not available until users are verified, which is concluded through a simple and easy-to-follow compliance process known as the know-your-customer process, which requires users to submit an identity document such as a passport or ID.
They will be able to link their existing online bank account to their Chipper Cash profile and begin transacting as the process is completed. To prevent unauthorised access, all of their personal information and transaction data are encrypted.
To join the Chipper Cash ecosystem, new users must register their profiles. However, the app’s services are not available until users are verified, which is concluded through a simple and easy-to-follow compliance process known as the know-your-customer process, which requires users to submit an identity document such as a passport or ID.
They will be able to link their existing online bank account to their Chipper Cash profile and begin transacting as the process is completed. To prevent unauthorised access, all of their personal information and transaction data are encrypted.
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