SOUTH AFRICA – Chipper, a fintech start-up that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa.
Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to loved ones.
Chipper was founded in 2018 by Ham Serunjogi (CEO) and Maijid Moujaled (President) and it is headquartered in San Francisco, USA.
As Chipper Cash is experiencing rapid user adoption, Chipper has opened offices in multiple countries such as Nigeria, Kenya, United Kingdom and South Africa.
The Chipper Cash app was created to make money transfers easy and efficient for Africans at scale, to increase access to financial services for the underbanked and digitizing daily payments to ease the reliance on cash.
The app’s money transfer services are easy, secure and fast, which allows people to move money domestically safely and freely and across the continent.
People can instantly purchase airtime and data from leading South African network providers to send to friends and family and in addition, Chipper Cash allows people to buy, sell and transfer Bitcoin, Ethereum and USD Coin all in one app.
Having raised US$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, Chipper Cash has experienced exponential growth since its first launch.
The South African launch brings its African network to a total of seven African countries, which include Ghana, Kenya, Rwanda, Tanzania, Uganda and Nigeria.
“Domestic remittances are a lifeline for many families in South Africa. Over R157 billion (US$10.7 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,” said Pardon Mujakachi, Vice President: Strategy & Partnerships, Africa.
“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,” he added.
Chipper Cash’s speed, very low cost and user-friendliness, challenges the high fees, complicated processes, and slow transfer times of traditional money transfer.
Its interface is intuitive, simple and makes sending money to friends and family as simple and instant as sending a text.
Upon downloading the app, new users will register a profile to get into the Chipper Cash ecosystem. The app’s services, however, are not accessible unless users are verified.
This verification process is done through a simple and easy to follow, compliance process commonly referred to as the know-you-customer process, where users submit an identity document, such as an ID or a valid passport.
After verification is complete, users can then connect their existing online bank account to their Chipper Cash profile and start transacting.
All personal information and transaction data are stored under secure encryption to protect against any unauthorized access.
“We are very excited for South Africa to experience Chipper Cash and take advantage of the app’s features such as fast and safe P2P money transfers, buying discounted airtime and data, and investing in selected cryptocurrencies. Soon, we will be introducing additional features such as cross-border transfers across countries within our network. People living in South Africa will be able to send money easily and safely to their families and friends in other African countries. We believe that Chipper Cash will help formalize local and regional remittances that tend to be sent through informal channels, which can be expensive, unsafe and unreliable. Such a meaningful difference is true to the goals and vision of Chipper Cash’s founders,” concluded Mujakachi.
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