Chipper Cash gets Bank of Ghana authorization for US remittances
Chipper Cash, a cross-border payments app used by over five million people throughout Africa and its diaspora has received authorization from the Bank of Ghana (BoG) to provide remittance services from the United States of America to the country.
The approval follows on the heels of the fintech being granted an Enhanced Payment Service Provider License by the BoG to begin commercial operations in Ghana last August.
In an interview, the Chief Executive Officer of Chipper Cash in Ghana, Mr Dion Jon Taylor Samson said his outfit was delighted to have received the approval.
He added that Chipper Cash would comply with all the regulations associated with providing the inward remittance service which was a major contributor to national income.
He said: "It is important for us fintechs to continuously work with the Central Bank not only to fully comply but also to make them aware of all our activities so that they may share in our vision and also provide advice and guidance".
Ghana entry
The company's entry into Ghana was forged in Spring 2019 when its then 27-year-old co-founder Majid Moujaled and 28-year-old Dion Jon Taylor Samson reconnected in Spring 2019 after not seeing each other for close to 13 years since their last day of high school together.
Majid shared what he had begun working on with Dion who was also keen on bringing Chipper Cash's excellent service to Ghana. He suggested they set up the Ghanaian entity properly and put measures in place for an effective rollout.
The rollout led by the efficient Dion who is the Chief Executive Officer of Chipper Cash in Ghana involved setting up aggregators, getting a partner bank, forming a fully-fledged corporate body - Critical Ideas Ghana Limited to operate Chipper Cash in Ghana and getting licensed by regulators.
Why Ghana?
According to Mr Taylor Samson, the rapid adoption of digital payment platforms in the country falls in line with its goal to accelerate financial inclusion across Africa.