Chipper Cash, a Pan-African startup that provides free peer-to-peer cross-border payment service, has officially obtained a license to provide money transfer Value Added Services in Malawi.
This announcement was made public by the company’s current Vice President of Global Developer Relations, Wiza Jalakasi, via a tweet on Thursday.
The license was issued by the Malawi Communications Regulatory Authority (MACRA) in accordance with Section 39 of the country’s Communications Act 2016 and took effect on December 23, 2022. It allows Chipper Cash to enter the Malawian market, which has been known for its regulatory challenges of recent.
A copy of the issued letter was shared by Jalakasi on Twitter in which the regulatory agency stated, “A licence is hereby granted to Chipper Payment Services Limited (“the Licenses”) in respect to the provision of Application Services to provide money transfer Value Added Services with effect from the Effective Date.”
The official letter goes on to state that the license is subject to current and subsequent terms and conditions, and that failure to comply with any of these terms may result in suspension or revocation of the license.
Founded by Ham Serunjogi and Maijid Moujaled in 2018, Chipper Cash have grown over the years to be one of Africa’s biggest startup, with its user base reportedly growing to over 5 million users across 7 African countries including Nigeria, Ghana, South Africa, Uganda, Kenya, Tanzania and Rwanda, it also operates in world powerhouses such as the UK and United States of America.
The company has had a bitter-sweet one and the half year, laying off a significant number of its workforce last December, almost a year after announcing a 150 million dollar funding. The fintech unicorn has also announced plans to expand its operation into Zambia with the acquisition of fintech company Zoona Transactions International.
Chipper Cash as a company are yet to officially announce the acquisition of the MACRA license.
