In the world of financial technology, or fintech, the term 'unicorn' is used to describe a privately held startup company valued at over $1 billion. One such unicorn that has been making waves in the African fintech landscape is Chipper Cash. This cross-border payments platform has not only revolutionized the way Africans transact but has also put the continent on the global fintech map. This article delves into the history, founding story, founders, features, struggles, and markets of Chipper Cash.

The Founding Story

Chipper Cash was founded in 2018 by two African entrepreneurs, Ham Serunjogi from Uganda and Maijid Moujaled from Ghana. The two met while studying at Grinnell College in Iowa, USA, where they bonded over shared experiences and a mutual desire to contribute to Africa's economic development. After graduation, Serunjogi worked at Facebook while Moujaled worked at Flickr and Yahoo, gaining valuable experience in the tech industry.

The idea for Chipper Cash was born out of a shared frustration with the high cost and inefficiency of sending money across African borders. Despite the continent's increasing mobile and internet penetration, most cross-border transactions were still being conducted through traditional, expensive, and time-consuming methods. The two entrepreneurs saw an opportunity to leverage technology to create a seamless and affordable money transfer platform for Africans.

The Founders

Ham Serunjogi, the CEO of Chipper Cash, is a Ugandan entrepreneur with a background in computer science. Before co-founding Chipper Cash, he worked at Facebook's global marketing team, where he gained invaluable insights into the workings of a successful tech company. His vision for Chipper Cash is to make it the go-to platform for financial transactions in Africa.

Maijid Moujaled, the CTO of Chipper Cash, is a Ghanaian entrepreneur with a background in software engineering. He previously worked at Flickr and Yahoo, where he honed his technical skills. Moujaled's role at Chipper Cash involves overseeing the technical aspects of the platform, ensuring it remains secure, efficient, and user-friendly.

What Chipper Cash Does

Chipper Cash is a cross-border payments platform that allows users to send and receive money across different African countries instantly and at no cost. The platform operates on a peer-to-peer model, meaning that money is transferred directly between users' accounts without going through a traditional banking system. This model allows Chipper Cash to bypass the high fees typically associated with cross-border transactions.

In addition to peer-to-peer transactions, Chipper Cash also offers business payment solutions. Businesses can use the platform to pay suppliers, employees, and contractors across borders, making it an invaluable tool for companies operating in multiple African countries.

Chipper Cash also offers a feature called Chipper Checkout, which allows businesses to accept payments from customers via the platform. This feature is particularly useful for e-commerce businesses, as it enables them to accept payments from customers in different countries without having to worry about currency conversion or cross-border transaction fees.

Features Over the Years

Since its launch, Chipper Cash has introduced several features to enhance its users' experience. In 2019, the platform launched Chipper Checkout, a merchant-focused, fee-based mobile payment product that allows businesses to accept payments on their websites or apps.

In 2020, Chipper Cash introduced investment features, allowing users to buy and sell shares of popular US stocks. This feature, available even to users who do not have a US bank account, has opened up investment opportunities to a broader segment of the African population.

In 2021, Chipper Cash launched a crypto trading feature, allowing users to buy and sell Bitcoin and Ethereum directly from their Chipper Cash wallets. This feature has made it easier for Africans to participate in the global cryptocurrency market.

Struggles

Despite its success, Chipper Cash has faced its share of challenges. One of the biggest struggles has been regulatory compliance. Operating in multiple African countries means having to navigate different regulatory landscapes, each with its own set of rules and requirements. This has necessitated significant investment in legal and compliance functions.

Another challenge has been user education. Many Africans are still unfamiliar with digital financial services, and convincing them to trust a digital platform with their money has not been easy. Chipper Cash has had to invest heavily in user education, conducting workshops and awareness campaigns to familiarize potential users with the platform and its benefits.

Markets

Chipper Cash currently operates in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The platform has over 3.5 million users and processes an average of 80,000 transactions daily. In May 2021, Chipper Cash announced plans to expand to North Africa, starting with Egypt.

The story of Chipper Cash is a testament to the transformative power of fintech in Africa. By leveraging technology to solve a pressing problem, the platform has not only become a unicorn but has also contributed to the continent's economic development. Despite the challenges, Chipper Cash continues to innovate, introducing new features and expanding to new markets. As the platform continues to grow, it is set to play an even bigger role in Africa's fintech revolution.