Chipper Cash is an African fintech company that recently got the Enhanced Payment Service Provider Licence from the Bank of Ghana.
The license was issued after meeting all requirements and this will enable the kickstart of its operations in Ghana.
Chipper Cash was founded in 2018 by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi. The aim is to solve challenges of completing transactions between African countries like regulatory issues and high rates.
So far, the fintech company has a fund donation of over $250 million from various investors.
The investors include Jeff Bezos’ Bezos Expeditions VC fund, Ribbit Capital, Deciens Capital, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures making it Africa’s sixth unicorn.
The commencement of operations in Ghana marks the beginning of an impressive first quarter after raising over $250 million last year increasing its footprint on the Africa continent.
Chipper Cash coming to Ghana
The company’s entry into Ghana had long been forged in spring 2019 co-founder Majid Moujaled(27yrs) and Dion Jon Taylor Samson(28yrs) reconnected. They both haven’t seen each other since their last day of high school almost 13 yrs ago.
Majid told Dion about what he has been working on and Dion also buy the idea and was keen on bringing in the great service to Ghana. He asked that the Ghanian entity be set up and measures are put in place for effective rollout.
The rollout involves getting a partner bank, setting up aggregators, forming a full-fledged corporate body- Critical Ideas Ghana Limited. Dion who is the C.E.O of the Ghana branch led the rollout that will aid operations in Ghana and get licensing by regulators.
Reasons for choosing Ghana
Ghana is one of the fast-paced growing digital payments markets in Africa. Even though the covid-19 pandemic also helps in the increase in the adoption of digital payments across Africa.
The rapid embrace of digital payment platforms in Ghana aligns with the goals of Chipper Cash to increase financial inclusion across Africa.
Chipper cash has deep roots in Ghana with the co-founder Majid Moujaled being a Ghanaian. The company aims at creating job opportunities as it forays operations in the country.
With the new license from the Bank of Ghana, delivering the fastest and lowest cost of payments service in the country is certain. This will help to fulfill the mission of unlocking global opportunities one transaction at a time.