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Chipper Cash just raised $13.8 million Series A funding

Chipper Cash operates in Nigeria where it competes with the likes of Paga and Opay.

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Chipper cash

Chipper Cash, which offers payment services across African countries (including Nigeria), has raised $13.8 million Series A funding.

Nairametrics understands that the funding round was led by Deciens Capital, a US-based venture capital and private equity firm.

The fresh capital would enable the fintech firm (i.e., Chipper Cash) to recruit about thirty new talents for its operations in places like Lagos, Nairobi, London, New York, and San Francisco where the company is based.

The latest fundraising brings the total amount so far raised by the company to $22 million. This is happening barely two years after the payments company was established by two African students in the USA – Maijid Moujaled from Ghana and Ham Serunjogi from Uganda.

READ MORE: Central banks digital currencies pose a threat against the U.S dollar

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The service was introduced to the Nigerian fintech space following its establishment. And today, it is one of the top players in the field where it competes with the likes of Paga, Paystack, and even Opay.

Perhaps what is unique about Chipper Cash is the fact that its P2P payment service attracts no fees. It should, however, be noted that the company also offers fee-based, merchant-focused service called Chipper Checkout, which enables the fintech to generate revenue.

TechCrunch spoke to Ham Serunjogi, one of the co-founders, about the company’s performance. He said:

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“We’re now at over one and a half million users and doing over a $100 million dollars a month in volume.” 

READ ALSO: New report details how Nigerian fintech companies are expanding their business scopes

The latest fundraising follows a recent  trend whereby Africa’s fintech startups have been attracting the most venture capital investments. In 2019 alone, African fintechs were responsible for an estimated $2 billion in VC fundings.

A bulk of those funds come to Nigeria, which has arguably become Africa’s fintech capital.

The fintech revolution in Nigeria has happened in less than a decade, disrupting the modus operandi in the financial services industry whilst availing financial services to those who were hitherto un-banked.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Tech News

WorldRemit and The Nest partner to empower entrepreneurs in Nigeria, 3 others

WorldRemit has partnered with The Nest to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

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WorldRemit, a global fintech platform, has partnered Nigeria’s tech innovation hub, The Nest, to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.

This was disclosed by the company via a statement issued on Wednesday, and seen by Nairametrics.

According to the statement, the partnership is to build scalable business models across Africa via the WorldRemit Entrepreneurs Program.

In its quest to go beyond digitalizing payment methods across the globe, strengthen its renewed commitment to creating opportunities, and facilitate development in Africa, WorldRemit will now equip African entrepreneurs with effective skill sets and tools to build, innovate, and scale their businesses.

Country Manager (Nigeria and Ghana), WorldRemit, Gbenga Okejimi, explained that the partnership came right in time for impact, as many small businesses had taken a hit in the course of the tumultuous year.

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He lauded the efforts of the team at The Nest Hub for their resolve at ensuring continuous education, and enabling a thriving environment for start-ups and small businesses.

He said, “Much of what Africa is today is due to its entrepreneurship, which is a key driver for socio-economic progress through significant job creation and innovation.

“At WorldRemit, we want to be known for fostering the African entrepreneurship spirit. We want to be a part of Africa’s future prosperity. By helping build entrepreneurs across our African markets, we are enabling growth and development.”

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Co-founder, The Nest, Oluwajoba Oloba, explained that the Entrepreneurs Program will serve as a catalyst in building scalable business models across Africa as the continent enters into a new wave of business revolution.

He said, “The entrepreneurs will be equipped with effective skills and tools required to build and scale their businesses. The Nest definitely plays a big role in this important partnership, as the project partner leads the designing of the digital business course, otherwise known as the learning modules, that would be used in training selected entrepreneurs while also mentoring them on innovative ways to manage and scale their businesses.”

He added that beyond training and mentoring, The Nest provides entrepreneurs, creatives, start-ups, and small businesses with dynamic facilities and workspaces.

What you should know

  • The WorldRemit Entrepreneurs Program will run simultaneously in Nigeria, Ghana, Kenya, and Zimbabwe, from November 2020 through January 2021.
  • It is expected to empower 50 aspiring and budding entrepreneurs.

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Coronavirus

COVID-19 Update in Nigeria

On the 1st of December 2020, 281 new confirmed cases and 3 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 67,838 confirmed cases.

On the 1st of December 2020, 281 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 67,838 cases have been confirmed, 63,430 cases have been discharged and 1,176 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 779,708 tests have been carried out as of December 1st, 2020 compared to 756,237 tests a day earlier.

COVID-19 Case Updates- 1st December 2020,

  • Total Number of Cases – 67,838
  • Total Number Discharged – 63,430
  • Total Deaths – 1,176
  • Total Tests Carried out – 779,708

According to the NCDC, the 281 new cases were reported from 13 states- Lagos (123), FCT (64), Kaduna (38), Imo (15), Rivers (11), Plateau (8), Ogun (5), Bayelsa (4), Kwara (4), Bauchi (3), Edo (3), Kano (2) and Osun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,410, followed by Abuja (6,868), Plateau (3,877), Oyo (3,728), Kaduna (3,136), Rivers (2,996), Edo (2,699), Ogun (2,228), Delta (1,824), Kano (1,797), Ondo (1,728), Enugu (1,332),  Kwara (1,106), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (773), and Borno (745).

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Imo State has recorded 677 cases, Benue (496), Nasarawa (493), Bayelsa (454),  Ekiti (365), Akwa Ibom (339), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (166), Taraba (163), Yobe (100), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Tech News

MTN, Vodacom launched 5G in sub-Saharan Africa in 2020 – GSMA Report

Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020, according to the GSMA 2020 report.

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The Global System for Mobile Communications (GSMA) 2020 report revealed that Vodacom and MTN launched their first major 5G networks in Sub-Saharan Africa in 2020.

The telecoms operators offered 5G mobile and fixed wireless access (FWA) services in several locations across South Africa – this appears to be a welcome development, as the South African government had already assigned temporary spectrum in the 3.5 GHz range in the wake of the Covid-19 pandemic.

Obviously, the proximate opportunity to be harnessed for the 5G in South Africa is to use FWA to bridge the gap in fixed broadband connectivity for homes and businesses.

According to the report, there has been 5G trial runs in almost all the countries in Sub-Saharan Africa, including Gabon, Kenya, Nigeria and Uganda but the possibility of mass deployment of the 5G network is still not guaranteed, as there are significant levels of unused 4G capacity. Also, the 4G adoption rate is still relatively low, creating opportunities for the operators to increase their stakes in 4G.

As a boost to mop up the unused 4G capacity, the partnership between Safaricom and Google to finance the acquisition of 4G smartphones, provides the desired momentum as low-income consumers pay for 4G devices in convenient and flexible daily installments.

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According to the report, it is expected that over the next five years, the number of smartphone connections in Sub-Saharan Africa will almost double to reach 678 million by the end of 2025 — an adoption rate of 65%.

What you should know

  • It is expected that by 2025, there will be a little below 30 million mobile 5G connections in Sub-Saharan Africa, equivalent to almost 3% of total mobile connections.
  • The mobile market in the region will reach several important milestones over the next five years: half a billion mobile subscribers in 2021, 1 billion mobile connections in 2024, and 50% subscriber penetration by 2025.
  • The achievement of these critical milestones would be predicated on the operators’ commitment in providing reliable infrastructural networks across the region.
  • Between 2019 and 2025, the operators in the region would have expended/invested about the sum of $52billion in infrastructure rollouts.
  • The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.

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