Cross-border payments are the focus in this edition of the Business Day Spotlight.
Host Mudiwa Gavaza is joined by Pardon Mujakachi, head of strategy and partnerships at Chipper Cash Africa, from Harare.
Chipper Cash, which recently launched in SA, says it is the fastest-growing African fintech start-up, specialising in helping people to send and receive money across Africa. The start-up was founded by Ham Serunjogi, a Ugandan, and HaMaijid Moujaled, a Ghanaian, in San Francisco back in 2018.
The company recently raised $100m through a series C funding in June 2021, with market research firm, CB Insights, estimating the company is now worth $2bn. Chipper Cash has more than 4-million users across the world, processing 80,000 transactions per day.
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The company has also received backing from Jeff Bezos’s venture capital fund.
Mujakachi explains that their success since founding has been mainly down to addressing major consumer pain points, such as fast cross- boarder payments at s cheaper cost compared to competing platforms.
Despite the likes of Vodacom’s M-Pesa having previously failed in SA, Mujakachi says they have done their research and taken learnings from other parts of the continent, which will be implemented as part of their strategy to win over the local market.
Topics of discussion include: how and why the business started; Chipper Cash’s business model; metrics around the current state of the business; how the company has been funded; the market opportunity; and where Chipper Cash hopes to take its business in SA.
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