Chipper Cash, a financial services company serving over five million customers across Africa and the US, said it now provides 100 per cent coverage in the US, enabling retail and business customers to use the Chipper app to securely send money domestically and internationally in every US state.
The fintech has steadily been delivering on its US licensing program over the past three years. The output has seen the company obtain money transmitter licenses for 80 per cent of US states, with well-established banking partnerships supporting operations across the remaining 20 per cent. State money transmitter licenses are important as they govern the safety and integrity of the payment infrastructure.
“The expansion of our US licensing program now totals money transmitter licenses for 40 individual states, marking a substantial leap forward in our journey to fulfilling our mission – and setting us apart in the fintech landscape,” said Naledi Ngubeni, Chief Compliance Officer, Chipper Cash.
Naledi continued: “We extend our deepest appreciation to regulators in all the jurisdictions that we operate in. Their guidance and oversight have been invaluable in ensuring we maintain the highest standards of financial security and integrity. These licenses aren’t just legal formalities, they embody our core values of providing reliable, safe and trusted financial services. They symbolize our pledge to adhere to stringent regulatory standards, ensuring the utmost security for our customers’ transactions.”
Working in close partnership with regulators, the company aims to acquire all 53 US state and territory money transmitter licenses next year.