Chipper Cash, Africa’s fastest-growing fintech startup that enables free peer-to-peer (P2P) money transfers and instant cross-border payments, has launched Chipper Cash to provide domestic P2P money transfers in South Africa.
With the launch, consumers will be able to use Chipper Cash to send and receive free limitless domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to loved ones.
Headquartered in San Francisco, California, and founded in 2018 by Ham Serunjogi (CEO) and Maijid Moujaled (President), Chipper Cash has opened offices in a number of countries, including Nigeria, Kenya, the United Kingdom, and now South Africa.
The Chipper Cash app was built to make money transfers simple and efficient for Africans on a large scale, to boost underbanked people’s access to financial services, and to digitise daily payments to reduce dependency on cash.
The app’s money transfer services are simple, secure, and quick, allowing consumers to move money safely and freely within and across continents. People can buy airtime and data from leading South African network providers and send it to their friends and family rapidly. In addition, Chipper Cash is a one-stop shop for buying, selling, and transferring Bitcoin, Ethereum, and USD Coin.
Chipper Cash has had exponential growth since its first launch, having raised $100 million in a Series C funding round in May 2021, and with over 4 million users internationally and up to 80,000 transactions handled every day. The South African launch expands the company’s African network to seven countries: Ghana, Kenya, Rwanda, Tanzania, Uganda, and Nigeria.
Chipper Cash’s speed, low cost, and user-friendliness challenges traditional money transfer’s high fees, complex protocols, and long transfer delays. Its user interface is intuitive and intuitive, making sending money to friends and family as simple and quick as sending a text message.
To access the Chipper Cash ecosystem, new users must first download the app and create a profile. The app’s services, on the other hand, are only available to verified users. This is done through a simple and easy-to-follow compliance process known as the know-your-customer process, in which customers submit an identity document, such as an ID or a valid passport, for verification. Users can then link their existing online bank account to their Chipper Cash profile and begin transacting after verification is complete. To prevent against unauthorised access, all personal information and transaction data is saved using secure encryption.