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Chipper Cash, a cross-border payments app, has received authorization from the Bank of Ghana to provide remittance services from the US to Ghana.
Last year, the payment start-up was approved and given an Enhanced Payment Service Provider License by the BoG to begin operations.
Dion Jon Taylor Samson, CEO of Chipper Cash in Ghana stated in an interview that Chipper Cash would comply with all the regulations associated with providing the inward remittance service which was a major contributor to national income.
Technovagh quoted the Chipper Cash Ghana CEO as saying, “It is important for us as fintechs to continuously work with the Central Bank not only to fully comply but also to make them aware of all our activities so that they may share in our vision and also provide advice and guidance.“
According to the World Bank, Ghana recorded a US$ 4.5 billion in remittances, in 2021, which was the second-highest in sub-Saharan Africa.
Chipper Cash is Africa’s sixth unicon founded by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi in 2018 to solve challenges involved with completing transactions from one African country to another such as high rates and regulatory hassles.
Currently, the company boasts of over 5 million users, more than 300,000 Visa Cards issued, $1.5 billion worth of transactions processed per quarter and on course to invest in over 6,000 US public companies.
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