Chipper Cash Approved by CBN? (Our Review)

Published: September 30, 2022

Updated: February 26, 2024

Have you been wondering if Chipper Cash is legitimate and approved by the Central Bank of Nigeria? Have you been wanting to know the services Chipper Cash App offers? 

It's always good to make inquiries about any business before patronizing their services especially institutions that claim to provide financial services.

It's better to avoid falling victim of scam than trying to get a recourse after you have become a victim.

In this article, we have reviewed the Chipper Cash to know if it's legit and if it has obtained licences to operate in Nigeria. So, this article is intended to answer some of your questions about Chipper Cash.

What is Chipper Cash?

Chipper Cash is a Financial technology company that deploys software to facilitate free and instant Peer-to-peer Cross-border payments in Africa and Europe, and provides online and in-store payments solutions for businesses and merchants.

Is Chipper Cash Legitimate?

Chipper Cash is a venture-capital-backed fintech startup.

It is confirmed to be a legitimate financial technology company and has secured funding from some of the largest VC investors in the world.

As at March 2021, Chipper Cash had closed a $100 million Series C round to expand its products and grow its team. The Series C round was led by SVB Capital, the investment arm of U.S. high-tech commercial bank, Silicon Valley Bank.

In November 2020, the African cross-border fintech startup raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos, Expeditions. This followed closing of a $13.8 million Series A round from Deciens Capital and other investors in June 2020. The African cross-border fintech startup has gone through three rounds amounting $143.8 million in a year. However, when the $8.4 million raised in two seed rounds back in 2019 is added, the sum total became $152.2 million.

Investors have high confidence for a decent return on investment in Chipper Cash.

Countries Chipper Cash Operates

Headquartered at 814 Mission Street, San Francisco, USA, Chipper Cash has presence in about 7 African countries including United Kingdom and United States. The seven African countries where Chipper Cash operates are Ghana, Nigeria, Uganda, Tanzania, South Africa, Kenya, Rwanda.

Although, Kenyan Central Bank Governor, Patrick Njoroge in July, 2022 said Chipper Cash and Flutterwave have not been licensed to operate in Kenya.

Chipper Cash Services

Send and receive cash

Chipper Cash web/App technology enables free peer-to-peer cross-border many transfer across Africa and Europe. It also provides API gateway payment solutions for businesses and merchants for online and in-store payments.

Buy and sell Bitcoin across Africa

It also provides platform for peer-to-peer buying and selling of Bitcoin and other cryptocurrencies across Africa.

Is Chipper Cash Approved by CBN?

Chipper Cash is one of the Financial Technology startups approved by the Central Bank of Nigeria to use technologies to provide financial services in Nigeria  in accordance with CBN’s National Financial Inclusion Strategy. It's licensed as Mobile Money Operator.

Chipper Cash business operations in Nigeria are as well governed by the Fintech Regulatory Laws  in Nigeria.

With these, the legitimacy of Chipper Cash is no longer in doubt.

However, Chipper Cash has not been approved by CBN as an international money transfer operator according to List of CBN Approved International Money Transfer Operators as at February 28, 2021. It's not yet clear if Chipper Cash has obtained approval between then and now, as CBN has not released new and updated list. See the list on CBN website

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Frequently Asked Questions

Is Chipper Cash a Bank?

No, Chipper Cash is not a bank.

Is Chipper Cash Licensed?

Chipper Cash is licensed in Nigeria but not too sure if it has obtained licences in all other African countries it operates. In July, 2022, the Kenyan Central Bank said Chipper Cash as well as Flutterwave has not been licensed in Kenya.

Do You Need BVN to Open Chipper Cash Account?

Yes, you need to provide your BVN as required by CBN before you can open Chipper Cash account in Nigeria.

Which Country can Use Chipper Cash?

Founded in 2018, Chipper Cash enables users to send and receive money across borders. It is available in Nigeria, Uganda, Tanzania, Rwanda, Ghana, Kenya and South Africa.

How Much does Chipper Cash Charge?

Chipper Cash is 100% free to use. It does not charge any fees to send money to someone, both locally and internationally. Chipper also uses live and current exchange rates to process cross border transfers, so you will get the most accurate offer.

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Ikechukwu Evegbu

Ikechukwu Evegbu is a graduate of Statistics with over 10 years experience as Data Analyst. Worked with Nigeria's Federal Ministry of Agriculture and Rural Development. A prolific business development content writer. He's the Editor, Business Compiler

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