Africa’s most valuable fintech Chipper Cash has been granted an Enhanced Payment Service Provider License by the Bank of Ghana to begin commercial operations in Ghana.
Chipper Cash was granted the license after it met the licensing application requirements for payment service providers of Ghana’s Central Bank.
It marks the start of an impressive first quarter for the start-up after it raised over $250 million from investors last year and increases its footprint on the African continent.
Chipper Cash has so far raised over $250 million dollars from investors including Jeff Bezos’ Bezos Expeditions VC fund, Deciens Capital, Ribbit Capital, One Way Ventures, 500 Startups, Tribe Capital and Brue2 Ventures making it Africa’s sixth unicorn.
Chipper Cash was founded by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi in 2018 to solve challenges involved with completing transactions from one African country to another such as high rates and regulatory hassles.
The company’s entry into Ghana was forged in Spring 2019 when its then 27-year-old co-founder Majid Moujaled and 28-year-old Dion Jon Taylor Samson reconnected in Spring 2019 after not seeing each other for close to 13 years since their last day of high school together.
Majid shared what he had begun working on with Dion who was also keen on bringing Chipper Cash’s excellent service to Ghana. He suggested they set up the Ghanaian entity properly and put measures in place for an effective rollout.
The rollout led by the efficient Dion who is the Chief Executive Officer of Chipper Cash in Ghana involved setting up aggregators, getting a partner bank, forming a fully-fledged corporate body – Critical Ideas Ghana Limited to operate Chipper Cash in Ghana and getting licensed by regulators.
When asked about the journey thus far, Mr Taylor Samson said: “Chipper Cash today has grown much faster across the continent than initially anticipated but that also reminds us all of how fast the fintech industry is growing and why we should all be part of this new world. Chipper cash is here to provide endless solutions that would bring opportunity and convenience to not only Ghanaians but Africans all over the world.”
According to Mr Taylor Samson, the rapid adoption of digital payment platforms in the country falls in line with its goal to accelerate financial inclusion across Africa.
“Ghana is one of the fastest-growing digital payments markets in Africa. Covid has only accelerated the adoption of digital payments across Africa and in Ghana, specifically,” Mr Taylor Samson said.
“Chipper Cash has deep roots in Ghana, with our co-founder being Ghanaian. With our newly acquired license from the Bank of Ghana, we are committed to delivering the fastest and lowest cost payments service for Ghana, in order to fulfil our mission of unlocking global opportunities, one transaction at a time”.
The company aims to provide many job opportunities as it expands its operations in the country.