AÑO
2023
CATEGORÍA
Comunidad
OBJETIVOS
Fin de la pobreza, Trabajo decente y crecimiento económico, Reducción de las desigualdades
PAL. CLAVE
money transfer , Mobile banking, virtual banking, diaspora, african entrepreneurs
PAÍS
United States of America
CRÉDITOS
Chipper Cash
LINK
https://chippercash.com
Chipper Cash
Moving money around Africa freely.
How does it work?
Chipper Cash is the borderless way to send and receive money. Users can enjoy free transfers and the lowest cross-border rates. More money stays in users' pockets, and more arrives. Users can securely link any mobile money or bank account, and cash in and cash out at no cost. Furthermore, users can use Chipper Cash to make instant bill payments. Paying bills is easy, secure, and can all be done from one place.
Why is it needed?
Cross-border money transfers from diaspora populations, often referred to as remittances, loom large in the living standards of many low-income economies. Sub-Saharan Africa, a global region that heavily relies on remittances, has enjoyed little of the benefit of technological advancements in payment systems. According to the World Bank, transfers to the region incurred an average of 8.9% in fees in 2019, compared to the global average of 6.8%. (Milken Institute)
Futhermore, the COVID-19 crisis means these remittance flows have dried up. For some, the consequences could be fatal. (DW)
How does it improve life?
So far Chipper Cash has accumulated, 4 million users, 40,000 new users a day, 0.03 seconds average transaction time and 80,000 transactions per day. They are available in nine countries currently and looking to expand.