by SAVIOUS KWINIKA
JOHANNESBURG – SOUTH Africans can now enjoy free unlimited instant domestic money transfers, invest in crypto-currencies after Chipper, said to be the fastest growing finance technology start-up in Africa, expanded to the country.
The United States headquartered firm, founded by African entrepreneurs, facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments.
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,” said Pardon Mujakachi, Chipper Vice President: Strategy and Partnerships, Africa.
He noted over R157 billion (US$10,75 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,” Mujakachi said.
The official added, “We believe it (Chipper Cash) gives South Africans the freedom to instantly send money anywhere in the country from their mobile phones.”
Chipper Cash is hailed for speed, low cost and user-friendliness.
Its interface is intuitive, simple and makes sending money to friends and family as simple and instant as sending a text.
People can instantly purchase airtime and data from leading South African network providers.
In addition, Chipper Cash allows people to buy, sell and transfer Bitcoin, Ethereum and USD Coin.
Maijid Moujaled (President) and Ham Serunjogi (CEO) founded Chipper in 2018.
Having raised $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 launch.
Chipper Cash is available for download, for free, on iOS and Android.
Chipper expects to introduce additional features such as cross-border transfers across countries within its network.
It believes this will help formalise local and regional remittances that tend to be sent through informal channels.
“Such a meaningful difference is true to the goals and vision of Chipper Cash’s founders,” Mujakachi concluded.
– CAJ News