Chipper Cash, the Pan-African fintech unicorn that offers a cross-border money transfer platform, has expanded its services to Ethiopia by adding six Ethiopian banks and three mobile money providers to its receiver list.
The development which was announced by Chipper Cash on April 3, 2023, signifies that individuals and businesses in countries where Chipper Cash is active, such as Nigeria, Kenya, and South Africa, can now seamlessly send money to Ethiopia using their local currency without the need for currency exchange.
The app manages currency conversion based on the prevailing exchange rate, enabling recipients to receive funds in their local currency.
However, Chipper Cash users can only send money to Ethiopia, and transactions cannot be initiated from Ethiopia to other countries. Additionally, sign-ups are not available for users located within Ethiopia.
Founded in 2018 by Ham Serunjogi and Maijid Moujaled, Chipper Cash was created with the goal of streamlining cross-border transactions in Africa.
The company’s innovative services have attracted over 5 million users to date and following a successful Series C funding round in November 2021, Chipper Cash achieved unicorn status.
In addition to its core service, Chipper Cash offers various features such as bill payments, airtime top-ups, and the ability to buy and sell cryptocurrencies within the app.