Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International. This was confirmed by Ham Serunjogi, Co-Founder and CEO at Chipper cash in a tweet.
“Excited to announce that Chipper Cash app is acquiring Zoona – a true pioneer of Africa’s Fintech industry. This will allow us to serve individuals and businesses better while also expanding our physical footprint across the continent,” it read.
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 its 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.
This acquisition will allow Chipper Cash, valued at $2 billion, and currently operational in seven African countries – Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya – to broaden its variety of products to include additional online services and an agent network as it plans to accelerate the expansion of its financial offerings into Zambia and other parts of Africa.