Chipper Cash, an Africa-focused cross-border payment startup with offices in Ghana and Kenya has expanded to Nigeria.
The San Francisco based startup will offer its P2P payment service and app in Nigeria in partnership with PayStack. Paystack CEO Shola Akinlade confirmed the collaboration.
Chipper Cash will establish a company presence in Lagos and has hired a country manager, Abiodun Animashaun, co-founder of Lagos-based motor-cycle hailing startup Gokada.
The startup went live in October 2018, joining a field of fintech startups aiming to scale digital finance applications across Africa’s billion-plus population.
Chipper Cash was co-founded by CEO Ham Serunjogi from Uganda and Ghanaian Maijid Moujaled, both of whom emigrated to the U.S. to study and work in Silicon Valley.
The fintech company now has more than 70,000 active users and has processed 250,000 active transitions on its no-fee, P2P, cross-border mobile-money payments product.
The startup also runs Chipper Checkout: a merchant-focused, fee-based C2B mobile payments product that supports its no-fee mobile money business.
Chipper Cash Checkout will make its debut in Nigeria several months after Chipper Cash’s mobile payments launch, according to Serunjogi.
On why Chipper Cash is expanding to Nigeria, Serunjogi said: “Nigeria is the largest economy and most populous country in Africa. Its fintech industry is one of the most advanced in Africa, up there with Kenya and South Africa.
“I think for any company doing fintech across borders, that is looking to be successful in Africa, it’s imperative that you have a presence in Nigeria.”
The fintech startup was recently selected to take part in the Catalyst Fund, a JP Morgan Chase and Bill & Melinda Gates Foundation-backed accelerator that provides mentorship and non-equity funding to emerging markets startups.