Chipper Cash, an African cross-border payments company, has announced its intention to acquire Zoona group, which includes the Tilt brand. The transaction remains subject to the closure of the deal and approval by the relevant authorities.
This was announced by Laura Kennedy VP, Investment & Corporate Development at Chippers Cash in a statement.
According to the statement, the proposed acquisition will accelerate Chipper Cash’s expansion across Africa and will foster innovation and development of their offerings across payment and remittance services, plus complementary products such as API, disbursements and transfer solutions.
With this acquisition, Chipper Cash will broaden its suite of products to include additional online services and an agent network in order to accelerate meeting its ambition to provide the most trusted and accessible financial products for people living in Africa and beyond.
Zoona was founded in 2008 and went on to develop the Tilt service, enabling 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. Zoona was an early pioneer in the African mobile money payments industry and to date has processed funds totalling more than $3 billion in value. Zoona holds a Payments Systems Business license from the Bank of Zambia.
Laura Kennedy, VP Corporate Development at Chipper Cash, said: “Zoona, together with the highly respected Tilt brand, offers incredible innovation, a great partner network, complementary products and services, and talented in-country teams. 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.”
“Zoona and Chipper share a vision to provide innovative and trusted payment and transfer solutions to customers in Africa. 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, Zoona.
