Chipper Cash, a leading cross-border mobile money startups in Africa, 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. While Ghana has been one of the countries where Chipper operates, the enhanced license means it has extra permissions to expand its business across the country.
Some of the services that can now be offered by the fintech service include:
- Printing and personalization of EMV Cards, the likes by Visa and Mastercard
- International remittances services into Ghana
- Provide 3rd party payment gateway services
- Limited use closed loop virtual cards (funded via refunds, rewards & user’s other accounts)
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.
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SEE ALSO: Chipper Cash Raises $100 Million to Build Out Crypto Products for the African Market
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According to Chipper Cash’s Ghana CEO, Taylor Samson, the company will double down on its mission to provide fast and cheap payments across Ghana.
“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.”
– CEO, Chipper Cash, Ghana
Chipper cash is regarded as one of the unicorns on the continent after having raised over $250 million dollars in 2021 from investors including:
- Jeff Bezos’ Bezos Expeditions VC fund
- Sam Bankman – Fried’s FTX Ventures
- Deciens Capital
- Ribbit Capital
- One Way Ventures
- 500 Startups
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.
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