Chipper Cash, a cross-border fintech platform, has been granted a broker-dealer licence by the Securities and Exchange Commission (SEC) of Ghana. This strategic move strengthens the fintech’s foothold in Ghana’s financial market, allowing it to broker securities for individual and institutional investors legally.
The licence enables Chipper Cash to operate as a licensed brokerage, providing its users with the ability to trade stocks, bonds, and other financial instruments directly through its app. By offering direct market access, the fintech aims to deliver quicker trade execution and competitive pricing, adopting flexible pricing models such as tiered commissions or volume-based discounts.
New Features for Chipper Cash Users
With the new broker-dealer licence, Chipper Cash users can look forward to enhanced features. Among them is the ability to trade securities within the app, with access to both domestic and international markets. Additionally, the platform will introduce personalised investment advice powered by artificial intelligence (AI) and data analytics, offering tailored suggestions based on user profiles.
The app will also provide users with opportunities to participate in Initial Public Offerings (IPOs), enabling them to invest in companies going public. Fractional investments will also be available, making it easier for users to invest in high-priced stocks or ETFs with smaller amounts of money, providing greater flexibility and affordability.
Commenting on the new licence, Jon Taylor Samson, CEO of Chipper Cash Ghana, highlighted the importance of regulatory compliance: “It is vital for any company entering a market to comply with the rules set by regulatory bodies. This ensures long-term sustainability and protects both the business and its customers.”
In addition to the broker-dealer licence, Chipper Cash previously obtained licences for remittance services from the US to Ghana and an Enhanced Payment Service Provider Licence. The fintech has secured over 55 global licences, including key markets such as the US.
Earlier in May 2024, Chipper Cash resumed operations in the US after partnering with a new US banking provider, further facilitating cross-border transfers between the US and African countries, including Ghana, Nigeria, Rwanda, and Uganda.
Chipper Cash continues to explore expansion opportunities. The Central Bank of Kenya (CBK) has indicated plans to amend its Payments Act, which could lead to new payment licences being granted to fintechs such as Chipper Cash and Flutterwave. With the potential for approval in Kenya and its growing footprint across Africa, Chipper Cash remains at the forefront of financial innovation, bringing new possibilities to its users in emerging markets.
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