Skip to content

Chipper, Stellar, and MoneyGram to deepen financial inclusion in Uganda

Chipper Cash users can now enjoy easy access to cash as the fintech teams up with MoneyGram and Stellar

Chipper Cash has announced a partnership with MoneyGram International and the Stellar Development Foundation. This move will enable Chipper Cash customers in Uganda to seamlessly cash in and cash out in real-time at all MoneyGram agent locations across the country.

This three-way collaboration between Chipper Cash, MoneyGram, and Stellar marks a significant milestone in the integration of traditional money transfer services with modern, blockchain-based financial technologies; demonstrating the potential for innovative partnerships to address longstanding challenges in financial inclusion across developing markets and sets a precedent for future integrations of traditional money transfer services with modern fintech solutions.

The partnership is hinged on MoneyGram's previous initiatives in the blockchain space. MoneyGram announced a partnership with the Stellar Development Foundation in 2021 to integrate the Stellar blockchain into its network, enabling cash funding and payout in local currency using Stellar USDC. This earlier partnership laid the groundwork for the current integration with Chipper Cash.

The strategic partnership between Chipper Cash and MoneyGram aims to address significant financial challenges in Uganda by simplifying transactions to lower costs and improve financial inclusion through the integration of digital wallets with physical MoneyGram locations.

Ham Serunjogi, co-founder and CEO of Chipper Cash, expressed enthusiasm for the partnership, highlighting its potential to expand to more African countries.

In 2022 the Central Bank of Kenya (CBK) directed all financial institutions to cease dealings with Chipper Cash and Flutterwave, stating that these companies were not licensed to operate as remittance or payment service providers in the country. Despite these setbacks, Chipper Cash has made progress in other markets, the most recent being Ghana where the company was recently issued broker-dealer license, allowing it to operate legally in Ghana's financial markets.

Comments

Latest