Pan-African cross-border payment startup Chipper Cash has acquired a license to provide money transfer value-added services in Malawi. The Malawi Communications Regulatory Authority issued the license in accordance to Section 39 of the Communications Act 2016, which took effect on December 23, 2022. With t s Valued Added Services license, the fintech unicorn can enter the Malawian market.
Chipper Cash has raised over $250 million 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. Chipper Cash offers a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The company’s strategy is to provide the best pricing while facilitating money transfers from Africa to the United States.
Source: Weetracker
