Chipper Cash has secured 40 money transmitter licences across all US states for both retail and business customers, for domestic and international money transfers.
Chipper’s US licencing program allows the company to obtain money transmitter licences for 80% of the states in the US. The remaining 20% of the states are supported by well-established banking partnerships. These state money transmitter licences are necessary as they ensure the safety of the payment infrastructure.
The company announced that this money transmitter licence for 40 states in the US also states its progress in the fintech industry over the years 2021, 2022, and 2023. Moreover, according to Chipper Cash, these licences aren’t just legal formalities, symbolising an assurance of strict regulatory standards, and ensuring unconditional security for our customers’ transactions.
As per an official statement, Chipper Cash aims to further provide Africans and African Diaspora with safe financial services. In addition, with these new licences, the company currently holds a total of 55 licenses worldwide, 15 of which are already in use across the continent, extending to regulators in all the jurisdictions in which it operates.
Thus, expanding its licencing portfolio, Chipper Cash intends to acquire all 53 US money transmitter licences in 2024 across all American states and territories.
Previous Chipper Services strategies for Africans’ financial inclusion
Chipper Cash is a financial services company based in the US that offers a software application platform. The platform allows for free and instant cross-border mobile money transfers in Africa, to simplify the transfer process. The company’s mission is to provide easily accessible financial services to people living on the African continent.
In the last couple of months, Chipper Services announced multiple launches and partnerships, covering different aspects of financial inclusion for Africa.
In November 2023, financial services company Chipper Cash partnered with Visa to optimise financial inclusion and overall development across the African continent. Throughout this collaboration, the two firms will continue to work on card issuance, while combining Visa’s capabilities and Chipper’s expertise in the region across the regulatory and functional areas, such as Visa licencing and marketing.
In October 2023, Chipper introduced the Chipper USD account, a USD-denominated account for people living in Africa, to increase access to financial services. These accounts were created to provide easy access to trusted financial services, economic development, global trade, and financial inclusion on the continent. They offer features such as instant account opening and direct USD payments.