Western Union, Zoona, and Chipper Cash have launched international money transfer services to allow customers in Zambia to send and receive money worldwide, according to their needs.
According to the company, Zoona is one of the main fintech and enterprise payments platforms in Zambia. Acquired by Chipper Cash in 2022, the two brands now serve 5 million customers across Africa. This partnership will combine Western Union’s global expertise in international money transfers with Chipper Cash’s and Zoona’s local payment knowledge and augmented mobile technology platform.
Chipper Cash app users can support their families by sending and receiving money optimally across Western Union’s extensive network, which spans 200 countries and territories.
Customers will also have the flexibility to send funds to mobile wallets worldwide, as well as for cash pick-up at hundreds of thousands of locations abroad. According to the company’s officials, payouts to bank accounts will be available soon.
The money transfer services will be available in the Chipper Cash app, which can be downloaded on both Android and iOS smartphones. Users can top up their wallets at multiple cash and digital payment touchpoints, including retailers, mobile network operators, banks, and ATMs.
Zambia’s fintech market landscape
The fintech industry in Zambia is expanding, fuelled by higher mobile phone usage, smartphone adoption, and a growing unbanked population. Digital payments, peer-to-peer lending, and insurtech services are becoming popular, offering various financial options for customers and businesses.
With a significant portion of the population still unbanked, Zambia’s fintech industry has collectively raised a total of USD 47.6 million in venture capital and private equity, with four companies achieving Series A+ funding.
Therefore, international money transfer services are offering Zambians possibilities to connect, transfer, and thrive in the global economy. This partnership also aligns with the shared mission of Western Union, Zoona, and Chipper Cash to make financial services accessible to all customers in Zambia, regardless of their banking status.
