Pan-African cross-border payment startup Chipper Cash has acquired a license to provide money transfer Value Added Services in Malawi. The license was issued by the Malawi Communications Regulatory Authority (MACRA), in accordance with Section 39 of the East African country’s Communications Act 2016 (PDF), according to a copy of the notice letter shared by Jalakasi. It took effect on December 23, 2022. With this Valued Added Services license, the fintech unicorn can enter the Malawian market, albeit one marked by regulatory hiccups.
Chipper Cash offers a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The company’s strategy is to provide the best pricing while facilitating money transfers from Africa to the United States.