Cross Border Payment Fintech Firm Chipper Cash Expands to Nigeria
Fintech had come a long way since the days of PayPal when the payments company emerged as a novelty of sorts and took the world by storm. However, over the next decade, very few Fintech companies came along. All that changed around half a decade ago when Fintech made a remarkable comeback due to the advancements in technology and the easy availability of smartphones. The industry has grown rapidly all across the world, and Africa is one of the continents in which a lot of work is being done in this regard.
Although Chipper Cash is based out of the world’s biggest tech hub, San Francisco, the company remains a registered African company, and it is now expanding into new territory. The Fintech firm is involved in providing a platform for cross border payments and does not charge any fees for the services either. In a new development, the company has decided to expand into Nigeria, which remains one of the strongest economies in Africa. The company is making a concerted effort to ensure that its expansion into Nigeria turns out to be a success. It has already decided to open a new office in the capital city of Lagos and has hired Abiodun Animashaun as the manager for the Nigerian operations. Animashaun is a co-founder of Gokada, the ride-hailing startup that is based out of Lagos.
Chipper Cash was founded by a Ugandan and a Ghanaian, both of whom had arrived in the United States as students. The firm has grown at a steady clip and currently boasts as many as 70,000 users. The company will provide a peer to peer payment service to its users in Nigeria, and it is expected that the company will make a dent in the nascent Fintech space in the country. Chipper Cash in itself started its operations in October last year, and the fact that the company is already planning to move into a major economy is an indication that its product has got a degree of traction. Since it went live, as many as 250,000 transactions have been completed in the platform. Seunjogi, one of the co-founders of Chipper Cash spoke about the rationale behind expanding into Nigeria. He said,
Nigeria is the largest economy and most populous country in Africa. Its fintech industry is one of the most advanced in Africa, up there with Kenya and South Africa.