Chipper Cash readies to acquire Zambia's Zoona
Zambian Fintech firm and agent-based financial services company Zoona Transactions International is expected to be sold to pan-African cross-border payments company Chipper Cash for an undisclosed amount.
Founded in 2008, Zoona facilitates payments and transfers to various banks and mobile money service providers in Zambia through cash and digital channels, as well as over 450 interoperable agents. It claims to have processed funds totalling over US$3-billion.
Chipper Cash, founded in 2018, currently operates in six countries including South Africa, Uganda, Nigeria, Ghana, UK and USA.
The acquisition will provide Chipper Cash with a foundation to drive its expansion into the Zambia market and will enable it to add new online services and a new agent network to its offerings.
Chipper Cash‘s Vice President, Corporate Development Laura Kennedy said: “Bringing these companies together under the Chipper Cash 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.”
Zoona co-Founder and CEO Brett Magrath said the acquisition allows the two companies to combine their expertise to connect consumers and business across the continent.
Magrath said, “Working together, we can combine our expertise to connect consumers and businesses across the continent, positioning ourselves as the first choice provider for financial services for the people of Africa. Zoona and Chipper share a vision to provide innovative and trusted payment and transfer solutions to customers in Africa. I can’t wait to see what the future holds for us as we look to bring our combined business, products and services to more customers.”
The acquisition remains subject to closure of the deal and approval by relevant authorities.