The Bank of Ghana (BoG) has given permission for the Chipper Cash app, which is used by more than five million people in Africa and its diaspora, to offer remittance services to Ghana from the United States.
In August last year, the Bank of Ghana (BoG) gave a financial technology company an enhanced payment service provider license. This meant that the company could start doing business in Ghana.
During an interview, Mr Dion Jon Taylor Samson, Chief Executive Officer of Chipper Cash in Ghana, expressed his organization’s delight at getting permission. Samson was speaking on behalf of Chipper Cash in Ghana.
He went on to say that Chipper Cash would follow all the rules for the inward remittance service, which was a big part of the country’s overall income.
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He stated that “it is important for us fintechs to continuously work with the Central Bank not only to comply fully but also to make them aware of all our activities so that they may share in our vision and also provide advice and guidance.” This is because “it’s important for us fintechs to keep working with the Central Bank, not only to make sure we’re following the rules but also to let them know about everything we do.”
Chipper Cash’s arrival in Ghana
In the spring of 2019, the company’s co-founders, Majid Moujaled, who was then 27 years old, and Dion Jon Taylor Samson, who was then 28 years old, got back in touch with each other after not seeing each other for close to 13 years since their last day of high school together. This marked the beginning of the company’s expansion into Ghana.
Dion informed Majid, who was likewise enthusiastic about introducing Chipper Cash’s superior service to Ghana, about what he had been working on up until that point. He suggested that they set up the Ghanaian group the right way and take the steps needed to get ready for effective deployment.
Setting up aggregators, getting a partner bank, forming a full-fledged company (Critical Ideas Ghana Limited) to run Chipper Cash in Ghana, and getting a license from regulators were all part of the rollout, which was led by Dion, who is the Chief Executive Officer of Chipper Cash in Ghana.
According to Mr Taylor Samson, the country’s quick adoption of digital payment platforms aligns with its goal to expand financial inclusion across Africa. Mr Taylor Samson said this.
About Chipper Cash
Chipper Cash is a financial technology startup funded by venture capital that develops software to enable free and quick peer-to-peer cross-border payments across Africa and Europe. The company also offers solutions for businesses and merchants to handle online and in-store payments.