Stitch will serve as the payment partner for Chipper Cash in South Africa. This will provide free and instant peer-to-peer transfers, discounted airtime bundles while facilitating cryptocurrency purchases across the country.
Founded in 2018 by Ham Serunjogi from Uganda and Maijid Moujaled from Ghana, Chipper Cash is a fast-growing cross-border payments platform across Africa. In May 2021, the company raised over $100 million in a Serie C round – only three years post-launch. The new move will see the company open up to over 60 million people.
The deal was a culmination of 9 months since the initial meet between the two teams in January. Stitch described the relationship as an alignment of ethos and goals. In March 2020, Chippier Cash had over 1.5 million users on its platform transacting over $100 million at the time – powerful traction that made exploring the South African market a natural bet. Today Chipper Cash has over 4 million users working across Africa’s 7 countries and the UK.
Among the issues they faced was the use of credit or debit cards as an experimental method-of-choice allowing customers to top-up their wallets. But this came with stiff costly fraud-related charges not forgetting a poor user experience card payments provider. Around the same time, Stitch launched its first version of a Payments product enabling users to pay businesses through direct bank transfer payments that are secure and frictionless within the Chipper Cash app.
Pardon Mujakachi, VP of Strategy and Partnerships at Chipper Cash urged South African users to “take advantage of the app’s features such as fast and safe P2P money transfers, buying discounted airtime and data, and investing in selected cryptocurrencies.”