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Chipper Cash users in Ghana will soon have access to an expanded range of financial services following the company’s recent approval for a broker-dealer licence from the Securities and Exchange Commission (SEC). This licence will enable users to trade securities directly within the app, offering options to buy and sell stocks, bonds, and other financial instruments seamlessly.
In addition to securities trading, Chipper Cash plans to introduce personalized investment advisory services powered by artificial intelligence (AI) and data analytics. This feature will allow users to receive tailored investment advice. The app will also grant access to Initial Public Offerings (IPOs), providing opportunities for users to invest in companies going public.
Chipper Cash, operating under the legal entity Critical Ideas Limited, is also set to roll out fractional investing, which will allow users to invest in high-priced stocks or Exchange-Traded Funds (ETFs) with smaller, more affordable amounts of money. This development is aimed at democratizing access to global financial markets for a wider user base.
Jon Taylor Samson, Chief Executive Officer of Chipper Cash in Ghana, expressed the company’s commitment to adhering to regulatory requirements. “It is vital for any company entering a new market to comply with the regulations established by the authorities. This not only ensures the longevity of our business but also safeguards our customers,” he said. Samson emphasized Chipper Cash’s excitement to bring financial innovations into the digital payment ecosystem.
In addition to the broker-dealer licence, Chipper Cash has previously secured an Enhanced Payment Service Provider Licence and a licence to offer remittance services between the U.S. and Ghana. These licences are part of a growing portfolio of over 55 global regulatory approvals, including in the U.S., where Chipper Cash resumed operations in May 2024 after partnering with a new U.S. banking institution. This partnership allows U.S.-based customers to send funds to Chipper Cash markets in Africa, which include Ghana, Nigeria, Rwanda, and Uganda.
Looking ahead, Chipper Cash is poised for further expansion. The company is likely to receive approval to operate in Kenya as the Central Bank of Kenya (CBK) prepares to amend its Payments Act to grant payment licences to fintechs. A June 2024 report revealed that Chipper Cash and Flutterwave are leading contenders for these licences, with Flutterwave having recently secured an Enhanced Payment Service Provider Licence in Ghana and a new payment licence in Uganda.
Chipper Cash’s growing portfolio of licences and services marks a significant milestone in the company’s efforts to bridge global financial services with the African market, while adhering to regulatory frameworks that ensure sustainable growth and customer protection.
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