Chipper Cash to acquire Zambian fintech Zoona

Pan African cross-border payment solutions company, Chipper Cash, says it will acquire Zambian fintech company Zoona Transactions International.

The purchase is part of the online platform's expansion plans into Zambia and will allow it to add new online services and a new agent network to its offerings. The deal is currently awaiting approval from the Zambian government.

"In exciting news, today we announced the intended acquisition of the Zoona group, which includes all services under the Tilt Africa brand," Chipper Cash said in a Linkedin post.

Speaking to Tech Cabal, Chipper Cash's VP of Corporate Development Laura Kennedy said the acquisition would offer it incredible innovation, a great partner network, complementary products and services, and talented in-country teams.

On the other hand, Zoona's co-founder and CEO, Brett Magrath, added that the deal allows the two companies to combine their expertise to connect consumers and businesses across the continent.

"Bringing these companies together under the Chipper umbrella will mean we can open up even more borders, bringing quality financial services to life in more countries and connecting more people across the continent," Kennedy continued.

African expansion

The acquisition comes after the cross-border payment solutions company launched in South Africa.

Founded by Africans and built out by a global team, Chipper Cash facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa.

Want to know more about mobile financial services in Africa? Check out our dedicated Fintech content channel here on Connecting Africa.

Zoona's acquisition will ensure that Chipper Cash is in Zambia, bringing its African network to eight countries, including Ghana, Kenya, Rwanda, Tanzania, Uganda and Nigeria. Outside of Africa, it is also active in the US and UK.

The Zambian fintech company was founded in 2008 and developed a tilt service that enables companies and individuals to pay and transfer to bank and money mobile providers in the country through cash.

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*Top image source: Chipper Cash Twitter account .

— Matshepo Sehloho, Associate Editor, Connecting Africa