🔥#Africa: Chipper Cash Cross-Border Transfer System Conquers the Continent

🔥#Africa: Chipper Cash Cross-Border Transfer System Conquers the Continent

It all started in 2018, when two young entrepreneurs (one from Ghana🇬🇭 and the other from Uganda🇺🇬) envisioned that by offering international financial services to their neighbors on the continent, they could generate substantial profits. After all, only 40% of Africans use banking services. Today, their user base is 5 million people, and each of them (as co-founders with a 10% share) holds shares valued at USD 200 million.

➡️ The Chipper Cash payment service is accessible in 7 African countries (Ghana 🇬🇭, Uganda 🇺🇬, Nigeria 🇳🇬, Rwanda 🇷🇼, Kenya 🇰🇪, Tanzania 🇹🇿, and South Africa 🇿🇦) and goes beyond offering affordable cross-border transfers; through its platform, users can pay bills, engage in cryptocurrency trading, and even purchase U.S. stocks.

➡️ Challenges: Liquidity for instant transfers (not always available, leading to occasional delays in transactions); competition (just M’Pesa alone is a big competitor… and Wave is becoming more popular, although in different countries).

➡️ Profits: Three years after its launch, the company achieved a market capitalization of USD 2.2 billion, with investors including major players like the cryptocurrency exchange FTX, Ribbit Capital, and Bezos Expeditions.

➡️ In 2023, investment funds financed African fintech companies with USD 1.5 billion, which is 7 times more than investments compared to 2020.

#news #crypto

Dreidel Finance 💸conversion from 80🛍Cards, P2P, local🥹Fast Integration⚡Best rates🔽Worldwide🌐