Chipper Cash Resumes U.S. Operations

Pan-African fintech startup Chipper Cash has resumed its international money transfer services for U.S. users after a two-month hiatus. The company was forced to pause operations earlier this year due to issues with a previous banking partner, but it has since secured a new partnership, allowing it to continue its services.

This resumption is a relief for U.S. users who depend on Chipper Cash to send money to loved ones in Africa. The fintech startup focuses on a seamless user experience and has optimised its account top-up system. CEO Ham Serunjogi stated, “We now provide dedicated bank account details for easier money transfers from the U.S. to Africa.”

Existing users will need to update their apps and re-verify their accounts to resume transactions. Chipper Cash’s U.S. expansion began in December 2022, achieving near-nationwide coverage by securing licences in 80% of states during its first year, with partnerships with established banks covering the rest. The service interruption put a temporary halt to further expansion plans, but the company expects to resume those efforts soon.

The relaunch follows Chipper Cash’s decision to lay off 20 U.S. and UK employees as part of a cost-cutting effort aimed at localising its operations. Serunjogi explained that while the U.S. market has always been secondary to Chipper Cash’s core African services, the new focus on streamlined operations will help achieve profitability by the second half of 2024.

“These changes provide a competitive advantage and allow for greater efficiency,” Serunjogi said, adding that the company is now better positioned to expand its international money transfer services.

Chipper Cash’s return to the U.S. market demonstrates its resilience and commitment to serving its users while adapting to shifting business conditions. With its re-optimized platform and new partnerships, the fintech startup aims to maintain a strong presence in the global money transfer industry.