Majid Moujaled, a Ghanaian technologist, together with his friend Ham Serunjogi from Uganda, have created an app called Chipper Cash that is aimed at revolutionizing mobile payments throughout sub-Saharan Africa.
Chipper Cash is a cross-border payment app in Africa, where some 700,000 people use it to send and receive money, Apple.com indicates. The app facilitates payments in and between Ghana, Kenya, Uganda, Tanzania, Rwanda, and Nigeria—all for the reasonable price of free.
Moujaled and his co-founder Serunjogi, born and raised in Africa, emigrated to the United States of America for academic purposes. They met at Grinnell College in Iowa, where they bonded over their shared interests and status as international students. Moujaled was a Computer Science student, while Serunjogi studied Economics.
According to Serunjogi, he found not only a good friend in Moujaled, but a mentor who introduced him to a broader world. “He took me under his wing. It was like being a fly on the wall while all this great stuff was happening” Serunjogi told Apple.com.
Moujaled has always been interested in developing apps. While at Grinnell College, he co-founded a mobile applications development group called Grinnell Appdev. Together with his group members, they developed various apps for use by students. One of the apps he developed while on campus was G-Licious, an app for the university’s food-service program, which won the golden disk award after it was launched on iTunes, Google Play and Microsoft Windows Stores.
After their undergraduate education at Grinnell, they both worked for big tech companies in Silicon Valley. Moujaled worked for Yahoo! and Flickr, while Serunjogi worked for Facebook.
Revealing how they got the idea to start Chipper Cash, Serunjogi said: “At one point, we drove down the coast to L.A. and listened to podcasts about fintech and cryptocurrencies the whole way. We thought, ‘How can we solve some of these problems facing people in Africa?’ That’s what pulled at us. It was a really hard problem.”
The name of the app, however, came from the idea of chipping away at the problem.
To fund the creation of Chipper Cash, Moujaled and Serunjogi raised a $2.4 million seed round from renowned investors in Silicon Valley including hall-of-fame American football player Joe Montana’s fund after pitching the legendary football star directly.
After launching in October 2018, Chipper Cash processed 500,000 transactions for more than 100,000 active users in its first 6 months alone. By the end of 2019, the app had 700,000 users, according to Apple.com.
According to ABOC Directory, what sets Chipper Cash apart as a company is the ‘No Fee P2P Service’ provision and ‘Chipper Check Out’, a fee-based C2B product that helps to generate revenue.
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