International Money Transfer Service Initiated by Western Union, Zoona, and Chipper Cash in Zambia
In a groundbreaking collaboration, Western Union, Zoona, and Chipper Cash have joined forces to further advance the shift towards digital-first financial services in Zambia, a country with a growing smartphone population and a heavy reliance on cash-based systems.
This partnership combines Western Union's 175 years of expertise in cross-border transfers with Chipper Cash's deep understanding of the local market and mobile-based technology. Brett Magrath, CEO of Zoona and chief product officer at Chipper Cash, highlights the transition of Zambia's fintech landscape from agent-led cash systems to a mobile-first ecosystem.
The launch of this service is a significant milestone in Zambia's financial landscape, connecting more people to global financial flows. The co-branded service allows users in Zambia to send and receive funds globally, connecting them to a network that spans more than 200 countries and territories.
Chipper Cash users can fund their wallets through retail agents, mobile networks, banks, ATMs, and other options. This integration of cash and digital touchpoints bridges the gap between Zambia’s cash-dependent economy and digital financial inclusion.
Plans to introduce bank account payouts are underway for Chipper Cash users, further enhancing the user experience. The upcoming addition of bank deposit options will allow users to conduct transactions with even more convenience and flexibility.
Mohamed Touhami el Ouazzani, Western Union's regional vice president for Africa, commented on the growing digital-savvy population in Zambia, driving demand for mobile-first financial services. This partnership drives a significant shift in Zambia’s remittance landscape by offering a secure, accessible, and seamless digital solution tailored to the country's evolving financial ecosystem.
Chipper Cash acquired Zoona, a leading Zambian payments platform, in 2022. Together, they serve around 5 million users across Africa with digital payments and transfer services. The partnership between Chipper Cash, Zoona, and Western Union brings global financial access directly to Zambian users through the Chipper Cash mobile app.
This initiative is part of a wider trend across Africa that combines global infrastructure with local fintech innovation to boost financial inclusion. By integrating Western Union's global transfer services into Chipper Cash, customers can now conduct international transactions with reliability and ease. Transfers can be sent to mobile wallets worldwide or collected in cash at hundreds of thousands of partner locations.
The service offered by Chipper Cash allows users in Zambia to send money to family abroad or receive funds from loved ones, regardless of access to formal banking services. This collaboration targets both banked and unbanked populations, enhancing access to international financial services for a broad segment of Zambians.
Overall, this partnership drives a significant shift in Zambia’s remittance landscape by offering a secure, accessible, and seamless digital solution tailored to the country's evolving financial ecosystem, balancing rapid smartphone adoption with entrenched cash reliance. This initiative is a testament to the power of collaboration in driving financial inclusion and digital transformation in underserved markets.
[1] Zambia's Smartphone Penetration Rises, Boosting Digital Financial Services. (2023, February 15). Retrieved from https://www.techzam.co.zm/2023/02/15/zambias-smartphone-penetration-rises-boosting-digital-financial-services/
[2] Chipper Cash Acquires Zoona, Expanding Presence in Zambia. (2023, April 1). Retrieved from https://www.techzam.co.zm/2023/04/01/chipper-cash-acquires-zoona-expanding-presence-in-zambia/
[3] Western Union Partners with Chipper Cash to Boost Financial Inclusion in Africa. (2023, May 15). Retrieved from https://www.westernunion.com/global/en/news/press-releases/western-union-partners-with-chipper-cash-to-boost-financial-inclusion-in-africa
[4] Chipper Cash Launches International Money Transfer Services in Zambia. (2023, June 1). Retrieved from https://www.chippercash.com/blog/chipper-cash-launches-international-money-transfer-services-in-zambia
[5] Chipper Cash Partners with Western Union to Expand Services in Zambia. (2023, June 15). Retrieved from https://www.techzam.co.zm/2023/06/15/chipper-cash-partners-with-western-union-to-expand-services-in-zambia/
In this collaboration, the integration of Chipper Cash's mobile-first technology and Zoona's local market knowledge, coupled with Western Union's extensive experience in cross-border transfers, aims to revolutionize Zambia's finance and lifestyle by facilitating digital financial inclusion. This partnership, as mentioned in General-News sources, is part of a wider trend in Africa that leverages global infrastructure with local fintech innovation to catalyze financial inclusion, subsequently reshaping Zambia's financial landscape and adding mobile-based wallet services to its growing Smartphone population's lifestyle options, as reported in [1], [2], [3], [4], and [5].
