Chipper Cash, a cross-border payments fintech, has secured a broker-dealer licence from Ghana’s Securities and Exchange Commission (SEC). This licence will allow the company to legally operate within Ghana’s financial markets, facilitating securities brokerage for both individual and institutional clients. With this licence, Chipper Cash gains direct market access, enabling quicker trade execution and competitive pricing. The fintech can also explore various pricing strategies, such as tiered commissions and volume-based discounts. Users of the platform will soon be able to trade securities like stocks, bonds, and other financial instruments directly within the app. Additionally, Chipper Cash plans to introduce personalised investment advice powered by AI and data analytics, as well as access to Initial Public Offerings (IPOs), giving users the chance to invest in companies going public. Another planned feature is fractional investing, allowing users to invest smaller amounts in high-priced stocks or ETFs. Jon Taylor Samson, CEO of Chipper Cash Ghana, emphasized the importance of adhering to regulatory frameworks, stating, “Compliance with market rules ensures long-term success and safeguards both the company and its customers.” He expressed enthusiasm about bringing financial innovations into the digital payments space. In addition to its broker-dealer licence, Chipper Cash holds licences for remittance services from the US to Ghana, as well as an Enhanced Payment Service Provider Licence. The fintech holds up to 55 global licences, including in the US. In May 2024, Chipper Cash resumed US operations after a brief hiatus, facilitated by a new US banking partner. This allows its US customers to send money to African markets such as Nigeria, Ghana, Rwanda, and Uganda. Chipper Cash is also eyeing expansion in Kenya, where the Central Bank of Kenya (CBK) is considering amending its Payments Act to allow fintechs to obtain payment licences. A June 2024 report highlighted both Flutterwave and Chipper Cash as key contenders for these licences. Flutterwave recently secured a new payment licence in Uganda and an Enhanced Payment Service Provider Licence in Ghana.
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