Chipper Cash, a leading cross-border payment FinTech, has solidified its position in Ghana’s financial market by securing a broker-dealer license from the Securities and Exchange Commission (SEC). This new development represents a significant milestone in the company’s growth, allowing it to participate in the country’s financial markets and provide an expanded range of services to its users.
With this new license, Chipper Cash can now offer its users a more robust financial services platform. Customers will be able to buy and sell stocks, bonds, and other financial instruments directly through the app. The app will also provide personalized investment advice powered by AI and data analytics, along with access to Initial Public Offerings (IPOs), offering users opportunities to invest in companies going public.
Chipper Cadh holds a portfolio of up to 55 global licenses, including one in the US. In May 2024, following a two-month hiatus, Chipper Cash resumed its US operations after partnering with a new US bank. This move also enables its US customers to send funds to Chipper Cash’s African markets, including Nigeria, Ghana, Rwanda, and Uganda.
“The broker-dealer license is part of a broader framework of regulatory approvals that Chipper Cash has secured in Ghana and across the globe. More specifically to Ghana, this license builds on our already existing Enhanced Payment Service Provider license issued by Bank of Ghana. With over 55 licenses globally, including in key markets like the U.S., we continue to lead the way in financial innovation within Africa and beyond.” Says, Dion Jon Taylor Samson, Chief Executive Officer of Chipper Cash in Ghana.
Looking forward, Chipper Cash may soon extend its services to Kenya. The Central Bank of Kenya is reviewing and making amendments to its Payments Act, which could open the door for fintech companies like Chipper Cash to secure payment licenses and begin operations in the country. This potential expansion highlights the company’s ambition to establish itself as a pan-African financial leader.
