A decade ago, Africa’s fintech revolution began as a response to one of the continent’s most persistent challenges: access to finance. In 2011, only 23% of people in sub-Saharan Africa had access to formal financial services, according to the World Bank. The launch of M-PESA in Kenya marked a turning point, proving that mobile technology could leapfrog traditional banking barriers. By enabling millions to send and receive money using basic feature phones, M-PESA laid the foundation for a continental digital finance revolution. As mobile penetration surged, surpassing 500 million unique subscribers by 2022 (GSMA), fintech startups began filling the gaps…
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Chipper Cash users across Africa have been left stranded after the popular fintech app suffered a major service disruption caused by a global cloud outage. The company confirmed the incident…
Pan African fintech, Chipper Cash, has just hit a major milestone. They have issued over one million Chipper Cash virtual cards to people not only in Africa but also beyond. The startup claims to currently be the largest issuer of virtual cards in the whole of Africa in a market that has other fintechs like Eversend. In a blog post, the head of Consumer Products, Tefiro Serunjogi said, “The million milestone means a lot to us. Not only due to the positive impact the product is having on our customers’ lives but also because of the speed that it has…
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Ham Serunjogi, the co-founder and CEO of Chipper Cash, a fintech company that facilitates cross-border payments, remittances and wealth management in Africa, has been chosen as one of the inaugural members of the advisory council on African diaspora engagement. This means he will be part of a group of 12 African Americans who will serve on the council until 2025. The advisory council is made up of exceptional individuals from various fields like government, sports, creative industries, business, academia, social work, and faith-based activities. Their main goal is to strengthen the cultural, social, political, and economic ties between the United…
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In a dramatic turn of events, Chipper Cash, a leading fintech startup in Africa, has seen its valuation plummet by over 70%, from a staggering $2.2 billion to a mere $500 million according to Forbes. This drastic drop in valuation is largely attributed to the failed acquisition talks with Zepz (formerly WorldRemit Group), a UK-based international money-transfer firm. The proposed deal, which would have valued Chipper between $250 million and $500 million, fell through due to complications in sharing financial data. This significant decrease in valuation has led to Chipper losing its status as an African tech unicorn. Over the…
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Chipper Cash, a leading fintech company serving more than five million customers across Africa, has launched its services in Rwanda with a promise and commitment to providing trusted and accessible financial services across the continent and beyond. Chipper Cash celebrated its entry into the Rwandan marketplace at the inaugural Inclusive Fintech Forum, a global platform on financial inclusion and fintech for good, which was held at the Kigali Convention Centre. Chipper Cash offers a user-friendly and innovative mobile application that enables Africans to send and receive funds cross-border, pay globally with cards and invest. With the launch in Rwanda, Chipper…
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Pan African startup, Chipper Cash, has laid off at least 10 employees in its latest round of playoffs including the Global Head of Marketing and the Country Director of Kenya. This is the third time that Chipper Cash has laid off employees since December 2022 which has raised some questions about the potential impact such changes would have on the startup’s operations. In a confirmation of the latest round of layoffs, Chipper Cash wrote in an email to TechCabal, “As part of our previously announced restructuring as an organization to focus on core products and markets, we recently made redundant…
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Ugandan fintechs Chipper Cash, Tugende and Asaak have been named in the top 100 Most Funded African Startups in research compiled by Digest Africa, a Pan-African data and intelligence startup headquartered in Kampala. Startups, according to Forbes, is a term used to refer to young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Startups are high-growth companies, and instead of bootstrapping, they turn to investors to grow at the pace they want to. This model is followed globally, and Digest Africa has tracked this funding data for…
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We have all been told, time and again, that do not put your eggs in one basket but less and less has been said about what do you do when the number of baskets available is too narrow. Specifically for investors who would like to invest in stocks, how do you diversify your portfolio on the Uganda Securities Exchange (USE) where there is only a handful of listed entities, and most of the stock is held by a few institutional investors who are not keen on selling in the short term? A limited supply of stocks aside, the other available…
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