GHANA – Bank of Ghana has approved an enhanced payment service provider license to Chipper Cash, a leading cross-border startup in Africa, to begin commercial operations in Ghana.
Chipper Cash has been granted the license after it met the licensing application requirements for payment service providers of Ghana’s Central Bank.
The platform was earlier operating under a different license that limited its payment services within the country.
This means the startup needed extra permission to expand its business across the West African country.
The platform now offers additional services including printing and personalization of EMV cards, international remittances services into Ghana, provision of 3rd party payment gateway services, among others.
The platform’s rapid adoption of digital payment platforms in the country falls in line with its goal to accelerate financial inclusion across Africa.
Chipper Cash was founded by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi in 2018 to solve the challenges involved with completing transactions from one African country to another.
The 3rd party payment gateway enables business owners to run their business, have simple payment flows, and conduct transactions without setting up their own accounts.
It also gives the Ghanaians diaspora community a gateway to send money into the country to their loved ones and investments.
“Chipper Cash today has grown much faster across the continent than initially anticipated but that also reminds us of how fast the fintech industry is growing and why we should all be part of this new world,” said Taylor Samson, Chipper Cash’s Ghana CEO.
Mr. Samson added that the country is one of the fastest-growing digital payments markets in Africa accelerated by the impacts of Covid-19.
The company aims to provide many job opportunities as it expands its operations in the country and is committed to delivering the fastest and lowest cost payment for Ghana.
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.
In 2021, Chipper Cash introduced the ability to purchase crypto and investment products on its app enabling users to buy, hold, and sell crypto.
The startup also said it is looking to leverage stablecoins for cross-border payments.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE