At Grinnell he met Maijid Moujaled, a Ghanaian computer science major who had started a popular student coding group. Almost immediately, the two began talking about developing an African money transfer app. Before the papers were signed, Sheel Mohnot wired $40,000 to Chipper after Serunjogi told him he was about to miss rent. For example, Kenya’s M-Pesa, which launched in 2007, charges 1% to 2% for many domestic transfers.By mid-2019, Chipper Cash was available in Uganda, Ghana, Kenya and Rwanda. Sub-Saharan Africans today have 605 million registered mobile money accounts - with which they can send cash via text message - up from 469 million in 2018.

Source: Forbes June 13, 2022 14:40 UTC