- Chipper Cash, a fintech platform for cross-border payments, has been granted a broker-dealer licence by Ghana’s Securities and Exchange Commission (SEC).
- According to a local report, the licence will enable the fintech to operate legally in Ghana’s financial markets, engaging in the brokerage of securities for both individual and institutional clients.
- Additionally, the licence provides Chipper Cash with direct market access, allowing for faster trade execution and competitive pricing. The fintech can also adopt various pricing models, such as tiered commissions or volume-based discounts.
Chipper Cash users will soon benefit from new features enabled by the licence, including trading securities within the app, allowing the buying and selling of stocks, bonds, and other financial instruments.
The app will also offer personalised investment advice using AI and data analytics, and access to Initial Public Offerings (IPOs) for opportunities to invest in companies going public.
Chipper Cash, the trading identity of Critical Ideas Limited, also plans to introduce fractional investments, enabling users to invest in high-priced stocks or ETFs with smaller amounts of money, the report highlighted.
On the development, Jon Taylor Samson, Chief Executive Officer of Chipper Cash in Ghana, said, “It is very important for every entity that enters a market to adhere to the rules and regulations set by the regulatory bodies,” adding that it ensures longevity in the business and protects both the company and its customers.
“We are excited to bring innovations in the financial market into the digital payment space.”
In addition to the broker-dealer licence, the fintech previously received a licence for remittance services from the US to Ghana and an Enhanced Payment Service Provider Licence.
The fintech boasts a portfolio of up to 55 global licences, including in the US. In May 2024, after a two-month break, Chipper Cash resumed operations in the US after transitioning to a new US banking partner. This development also allows its US customers to send funds to Chipper Cash’s African markets, which include Nigeria, Ghana, Rwanda, and Uganda.
Moreover, Chipper Cash may soon receive approval in Kenya, as the Central Bank of Kenya (CBK) plans to amend its Payments Act to allow fintechs to be issued payment licences.
A June 2024 report indicated that among the contenders for these licences are Flutterwave and Chipper Cash. Flutterwave has recently obtained a new payment licence in Uganda and an Enhanced Payment Service Provider Licence in Ghana.
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