Chipper Cash has become the latest Afrian fintech to onboard to TBD’s tbDEX ecosystem.
TBD, a subsidiary of Block, offers an open messaging protocol that connects liquidity seekers with providers and equips all participants with a common language for facilitating transactions.
Chipper Cash, serving over 5 million users across 21 African countries, has integrated with the tbDEX protocol. This integration enables liquidity for B2C and B2B cross-border payments in 40 African nations. Additionally, the partnership opens opportunities to explore new use cases utilizing decentralized identity solutions.
“Across Africa, the challenges of currency liquidity and access to global financial systems are palpable,” said Mike Brock, CEO of TBD.
“For these reasons, we are laser focused on building out the tbDEX ecosystem in Africa, which already includes YellowCard, the largest and only licensed stablecoin on/off ramp on the African continent.
Fast on the heels of our tbDEX SDK 1.0 release, adding Chipper Cash to our growing network will help to accelerate our work on global cross-border payments and decentralised identity.”
As one of Africa’s largest fintech companies, Chipper Cash’s integration marks the addition of one of the continent’s biggest virtual card issuers, with over 1.2 million cards issued.
“Remittances are a lifeline for many African families, but the costs of sending money to the continent remain among the highest globally.
By plugging into an open protocol like tbDEX with numerous network participants, we believe we can, collectively as an industry, drive down these high costs and facilitate remittances in a more efficient, transparent, and compliant manner,” said Maijid Moujaled, President and Co-Founder of Chipper Cash.
While the initial partnership will concentrate on facilitating faster and more affordable consumer remittances, the two companies will also investigate methods to support small businesses.
Chipper’s services for businesses currently support local and cross-border digital payments for underbanked SMEs in 40 African countries, facilitating disbursements and collections from bank accounts, mobile money wallets, and Chipper wallets.
Furthermore, Chipper Cash will leverage tbDEX to unlock trusted, compliant transactions with verifiable credentials (VCs) and decentralised identifiers (DIDs) in order to accelerate the onboarding and identity verification of consumers and small businesses.
“Chipper is also excited to collaborate with TBD on the trust frameworks and innovative credential designs that underpin every financial transaction on tbDEX,” Moujaled said.
“The idea that we can have a standardised and streamlined way to verify our identity on the internet can help make the world feel a bit more inclusive.”
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