Overview:
Chipper Cash’s VP of Corporate Development, Laura Kennedy said Zoona’s acquisition will offer it “incredible innovation, a great partner network, complementary products and services, and talented in-country teams.”
Digital payment app Chipper Cash has acquired Zambian Fintech Company Zoona Transactions International, further extending its digital footprint across the African continent.
Ham Serunjogi, Co-Founder and CEO at Chipper cash, confirmed the development on Friday.
“Excited to announce that Chipper Cash app is acquiring Zoona – a true pioneer of Africa’s Fintech industry. This will allow us to better serve individuals and businesses while also expanding our physical footprint across the continent,” he tweeted.
Chipper Cash’s VP of Corporate Development, Laura Kennedy said Zoona’s acquisition will offer it “incredible innovation, a great partner network, complementary products and services, and talented in-country teams.”
Zoona’s co-founder and CEO, Brett Magrath, said the acquisition allows the two companies to combine their expertise to connect consumers and businesses across the continent while positioning themselves as the first choice provider of financial services for the people of Africa.
Zoona, which was founded in 2008, developed the Tilt service that enables individuals and companies to pay and transfer to bank and money mobile providers in the country through cash, its digital channel, or its network of over 450 interoperable agents.
The fintech has processed over $3 billion worth of transactions since launch. In 2020, the Zambian company sold its business in Malawi to Cape Town-based payments company Mukuru, as it refocused its business to a B2B model.