San Francisco-based startup, Chipper Cash, has appointed co-founder of Gokada (Lagos-based ride-hailing startup), Abiodun Animashaun to run its operation in Nigeria as Chipper Cash expands into the continent’s largest population.
Animashaun will be Chipper Cash’s country manager when operation begins in Lagos. The startup already has offices in Ghana and Kenya, so establishing an operational base in Nigeria will be a big boost to Chipper Cash’s growth as Fintech’s popularity is growing within the country.
Chipper Cash, co-founded by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana), also appointed BRCK’s (Nairobi-based internet hardware and service startup) Alicia Levine to join its team as the Chief Operating Officer.
Why expand into Nigeria: According to Serunjogi, any Fintech company in search of growth needs to have a presence in Nigeria, “Nigeria is the largest economy and most populous country in Africa. Its fintech industry is one of the most advanced in Africa, up there with Kenya and South Africa.
“I think for any company doing fintech across borders, that is looking to be successful in Africa, it’s imperative that you have a presence in Nigeria.” He said in a report.
Lost in a saturated market? The Fintech space in Nigeria is getting crowdy, and some are struggling not to be consumed by the saturated market.
Chipper Cash’s inroad into the country only adds to the growing list, and there’s no end insight despite the market having an high entry barrier. There is Paga, M.Naira, OPay and Momo by MTN Nigeria to compete with.
What will differentiate these companies will be their business model, and according to Chipper Cash, it allows customers to send and request money across border for free. Chipper Cash has partnered with Paystack to ease its operation.
Currently, Chipper Cash accounts for over 70,000 active users and has processed 250,000 active transitions on its no-fee, Peer-to-peer, cross-border mobile money payments product.