This archive report was first published on 6 September 2019.
San Francisco-based Chipper Cash, a venture-capital-backed cross-border payments firm, has made its mark in Nigeria as part of its ambitious pan-African expansion.
With Nigeria being the largest economy in sub-Saharan Africa and boasting the highest population on the continent, the entry of Chipper Cash into the Nigerian market is seen as a strategic move.
Founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, Chipper Cash offers free Peer-to-peer (P2P) mobile money services, a feature that sets it apart from other mobile money providers.
“Chipper is going continental. We are adding more African countries in 2019 and hope to cover the continent in some few years. This way, we will be contributing to connecting our African nations in terms of trade and financial transactions/ financial harmonization,” announced the company in a statement.
Chipper Cash also processes online and in-store payments for merchants via its Chipper Checkout, apart from peer-to-peer transfers.
With its platform, customers can not only send and receive money but also buy products and services from vendors via its Chipper Checkout, which uses a simple QR code for payments.
Unlike other platforms, Chipper allows customers to move money across borders and takes care of forex for the customer.
Chipper Cash has partnered with PayStack to launch in Nigeria and will be run by Abiodun Animashaun, co-founder of Gokada, who is Chipper Cash’s country manager in Nigeria.
The firm has more than 70,000 active users and has processed 250,000 transactions since the launch of its P2P platform.
Chipper Cash will launch both its P2P and its business platform Chipper Checkout in Nigeria.
Backed by Decines, 500 Startups, and Liquid 2 Ventures, Chipper Cash is poised to make a significant impact in the Nigerian market.
