Zambian agency Fintech, Zoona is in line to be acquired by Chipper Cash.
Founded in 2008, Zoona holds a Payments Service Business License from the Bank of Zambia, and to date, has processed funds totaling more than $3 billion in value.
Pan African payment solutions company, Chipper Cash, says it is closing on a deal to acquire Zoona, an agent-based financial services company operating in Zambia.
The acquisition, subject to deal closure and relevant approvals, is part of Chipper’s drive to expand across the continent while also being seen as an opportunity to improve payment and remittance services.
The two companies also complement each other’s shared products such as API, disbursements, and transfer solutions.
Bringing these companies together under the Chipper 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,” said Laura Kennedy, VP of Corporate Development at Chipper Cash.
Currently, Chipper operates in 6 countries including Ghana, Nigeria, Uganda, South Africa, the UK and the US.
Chipper highlighted Zoona’s agent network whereby over 600 outlets are offering financial services across Zambia.
Through the acquisition, Chipper Cash will broaden its suite of products to include additional online services and an agent network in order to accelerate its growth across the continent.
Chipper also highlighted Zoona’s Tilt service which enables payments and transfers to any bank or mobile money provider in Zambia via any cash or digital channel, plus a network of more than 450 interoperable agents.
“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,” said Brett Magrath, Co-founder and CEO of Zoona.
This would be the first major acquisition by Chipper since its establishment in 2018.