Chipper Cash, an African cross-border fintech startup, has enabled Rwandans to send money directly to mobile money and bank accounts in more than 21 countries in Africa and the United States. This significant development was announced during the Inclusive Fintech Forum held in Kigali. Chipper Cash currently serves over five million customers across Africa, and the launch of this service was praised by Paula Ingabire, the Minister of ICT and Innovation. She emphasized that it aligns with Rwanda’s vision to promote FinTech innovation and investments, as well as revolutionize digital transactions and connectivity.
Ingabire highlighted the importance of Chipper Cash’s user-friendly and innovative mobile application, which facilitates seamless cross-border money transfers, empowering Africans to send and receive funds effortlessly. She noted that the expansion of Chipper Cash into Rwanda is in line with the African Continental Free Trade Area’s objective of eliminating barriers to trade within Africa. By enabling secure cross-border transactions, Chipper Cash contributes to this objective and supports the growth and prosperity of the entire continent.
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Traditionally, banks have dominated the cross-border payments market, but experts argue that the traditional system has several shortcomings. These include high costs, lengthy transaction times, lack of transparency, and complex processes, especially affecting consumers and small and medium-sized businesses. Fintech companies like Chipper Cash are transforming the landscape by providing a faster, easier, and more transparent system for cross-border payments.
At the forum, Pardon Mujakachi, Head of Expansion organization at Chipper, announced that the next product to be introduced in Rwanda is the virtual Chipper Card. This card will offer people a convenient way to shop, stream, and subscribe online. Chipper Cash aims to unlock global opportunities and connect Africa, one transaction at a time.
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According to a recent McKinsey report, domestic electronic payment volumes in Africa, including wallet-enabled payments, have more than tripled between 2015 and 2020. It is projected that these volumes will increase five-fold by 2025, with nearly 150 billion transactions. However, the cost of sending money back to countries like Rwanda remains a significant challenge, imposing a burden of up to Rwf20,000 on senders. Chipper Cash believes that its platform will alleviate these money transfer challenges, promote financial inclusion, and accelerate the development of an interconnected African global economy. The company is excited to work closely with regulatory partners in Rwanda to provide inclusive financial services and enhance people’s access to them.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard