Chipper Cash makes a comeback in the US after service pause
Pan-African fintech startup Chipper Cash is back in business for US users after a two-month hiatus. The fintech was forced to pause its international money transfer services in the country earlier this year due to an issue with a previous banking partnership. However, according to CEO Ham Serunjogi, Chipper Cash has secured a new partner, allowing them to resume operations.
This is a good development for users who rely on Chipper Cash to send money to loved ones in Africa. The company emphasizes a user-friendly experience with a newly optimised account top-up system. “We now provide dedicated bank account details for easier money transfers from the US to Africa,” Serunjogi said.
Existing users will need to update their apps and verify their accounts before resuming transactions.
Chipper Cash made a US expansion in December 2022, achieving near-nationwide coverage by securing licenses in 80% of states in its first year. Partnering with established banks filled the gaps in the remaining 20%. While further expansion plans were put on hold during the service interruption, Chipper Cash expects to resume those efforts in the coming months.
The relaunch comes after Chipper Cash laid off 20 US and UK employees as part of a cost-cutting measure focused on localising its operations. “The US has always been a secondary market for us offered as an extension of our core African services,” Serunjogi clarified.
These changes, according to the CEO, position Chipper Cash for profitability by the second half of 2024. “Gaining control of our operations provides a competitive advantage and allows for greater efficiency,” he stated.
