Chipper Cash is a mobile payment app that allows you to send and receive money, pay bills, and invest in stocks in different African countries.
Chipper Cash was founded in 2018 by two Africans; Serunjogi and Maijid Moujaled based in the U.S. They were looking for a way to connect African markets to digital payments. As such, Chipper Cash is supported in 7 African countries; Nigeria, Ghana, Kenya, Rwanda, Uganda, Tanzania, and South Africa.
How Chipper Cash Works
Chipper Cash works by connecting your bank accounts or mobile money wallets. When you send money to someone using Chipper Cash, the money is transferred instantly from your account to theirs.
The platform uses a peer-to-peer (P2P) network to facilitate payments. This means that there is no intermediary, such as a bank or a financial institution, involved in the transaction. This makes Chipper Cash a more affordable and efficient way to send money than traditional methods.
To use Chipper Cash, you need to create an account and add money to your wallet. You can do this by linking your bank account, debit card, or mobile money wallet. Once you have money in your wallet, you can send it to anyone else who has a Chipper Cash account.
How to Open Chipper Cash Account
To open a Chipper Cash account, you need the following details:
- A valid email address
- A phone number
- Bank Verification Number (BVN)
Once you have the following details, you can proceed to open a Chipper Cash account. First, download the Chipper Cash app, which is available on App Store and Play Store. Then launch the app and proceed to sign up. You can use your email or phone number to sign up. You then need to verify your account. Enter your details and then pick the currency of the country you reside in. This becomes your default currency for your transactions. You can then proceed to set a security code for transactions.
Before you can transact, load or withdraw money from Chipper Cash, you need to verify your Chipper Cash account. It is also not possible to receive cash to your Chipper Cash if your account is not verified. To verify your account, you need to use any of the following documents, passport, national ID, or alien ID. You also need to submit a video selfie.
How to Add and Withdraw Money from Chipper Cash
You can deposit money into your Chipper Cash account using a card, or you can use Chipper Cash bank account number. Chipper Cash bank account number is a virtual account number that is connected to your Chipper wallet. Chipper Cash account numbers have come as a result of collaboration between Nigerian bank partner Wema Bank and Flutterwave.
To deposit money into your Chipper Cash, all you need to do is to click the Add Cash button. The page will load, and then you can enter details of the card you want to use to load money into your Chipper Cash account.
To withdraw money from your Chipper Cash account, click on your profile and then click Cash Out. Enter the amount of money you want to withdraw, and it will be sent to your bank account. Prior to this, you ought to have set your bank account details where you will be withdrawing funds. If you haven’t set up your account details, you can go to your profile and click Payments Methods and set up your banking details.
Chipper Cash Features
Chipper Cash has the following products and services suited for their customers:
- Chipper Cash money transfer. You can enjoy free transfers at low cross-border rates and make instant bill payments. You can also make fast and cheap crypto-based remittances.
- Chipper Cash Invest. You can use Chipper Cash to invest in the US market by buying financial assets such as U.S. stocks and shares.
- Chipper Cash crypto. You can use Chipper Cash to buy cryptocurrencies such as Bitcoin.
- Chipper card. Chipper issues a Visa card that you can use anywhere Visa Cards are accepted. You can use a Chipper Card for online purchases.
- Chipper Cash virtual card. Chipper Cash enables one to make payments worldwide using a virtual card. It works like a physical card, and you can use it to make payments worldwide.
- Chipper Cash airtime top-up. You can instantly top up airtime to anyone in Africa and any network from anywhere
- Chipper Cash Paybill. You can instantly and securely pay your bills at a cost-effective fee.
- Chipper Cash API. Chipper allows users to accept payments, manage business online and send payouts.
Chipper Cash Virtual Card
Chipper Cash has a pre-funded and reloadable virtual card. You can use the virtual card for online payments. It is free to create a virtual card, and it works the same way a physical debit or credit card works. You can pay for goods and services at retailers such as Amazon, Shopify, Canva, Photoshop, Facebook, Instagram, Apple Music, and Alibaba using a Chipper Cash virtual card.
Chipper Cash Virtual Card Limit
The following are Chipper Cash virtual card limit for the maximum amount you can spend and load in a day, month and quarterly.
|(Nigeria) USD Card||(Nigeria) NGN Card||(Uganda) UGX Card||(GHANA) GHS Card||(USA) USA Card|
|Maximum Daily Spend Limit||$2,500||₦1,000,000||UGX 3,500,000||GHS 15,000||$1000|
|Maximum Monthly Spend Limit||$10,000||₦4,000,000||UGX 16,000,000||GHS 60,000||$5000|
|Maximum Daily Funding Limit||$10,000||₦80,000||UGX 3,500,000||GHS 15,000||$1000|
|Maximum Monthly Funding Limit||$10,000||₦4,000,000||UGX 16,000,000||GHS 60,000||$5000|
|Maximum Quarterly Funding Limit||$10,000||₦4,000,000||UGX 16,000,000||GHS 180,000|
Chipper Cash Virtual Dollar Card
Chipper Cash dollar card is a pre-funded and reloadable virtual card that you can use for international online transactions. You can fund Chipper cash virtual dollar card right from your Chipper wallet. You can use the card for online transactions the same way you use physical debit or credit cards.
There are no fees for depositing or withdrawing funds from your Chipper card. However, you can expect exchange rate transaction fees. Chipper Cash dollar rate to naira varies depending on the market factors and economic factors. There is also a fee that is charged when your dollar card is declined due to insufficient funds. The fee can vary depending on the currency you are using. To avoid this fee, make sure that your virtual dollar card is sufficiently funded before making online payments.
How to Buy Bitcoin on Chipper Cash
Chipper Cash through its feature; Chipper Cash crypto allows users to buy and sell cryptocurrencies like Bitcoin. You only need to convert your local currency to cryptocurrencies such as Bitcoin, Ethereum, or USDC if you are located in Nigeria, South Africa, and Uganda. You can also receive the same cryptocurrencies from another cryptocurrency address free of charge into your chipper crypto wallet.
How to Invest in Chipper Cash
Chipper Cash can help you buy and sell stocks. You can buy fractional shares of global companies like Google, Visa, Facebook, and other companies for as low as $1. However, the stock product is only available in Uganda and Nigeria. To buy stocks, you need to go to Invest tab and select Stocks then tap Begin Investing. You then need to select a company of your choice from which you will buy stocks. Then tap Buy. You then need to enter the amount and tap Next. Confirm that all details you have entered are correct and then tap Buy Now.
You can also sell shares through Chipper Cash. To do so, go to Invest and select Stocks. Select the stock investment you want to sell and tap Sell. Enter the amount and click Next. Confirm that all the details are correct and tap Sell Now.
Chipper Cash Fees
The following are the most common fees you should expect when using Chipper Cash:
|Chipper USD card issuance fee (Ghana)||GHS 50|
|Chipper USD card issuance fee ( (Kenya)||KES 500|
|Chipper USD card issuance fee ( (Rwanda)||RWF 5,000|
|Chipper USD card issuance fee ( (South Africa)||ZAR 50|
|Chipper USD card issuance fee ( (Uganda)||UGX 500|
|Chipper USD card issuance fee ( (Nigeria)||NGN 3,000|
|Declined Transaction due to Insufficient Funds (USD/NGN/GHS)||NGN 500/GHS 5|
|Declined Transaction due to Insufficient Funds (UGX)||UGX 500|
|Stock Buying/Selling Commission||1%|
|Stock Holding (No charges)||Free|
|Online Purchases with Chipper Cash USD Card||2.9% + $1 equivalent in local currency|
|Foreign Exchange Fee (Non-USD Transactions)||3.5%|
|ATM Withdrawal Fees (Ghana)||GHS 100|
|ATM Withdrawal Fees (Kenya)||KES 200|
|ATM Withdrawal Fees (Rwanda)||RWF 2,000|
|ATM Withdrawal Fees (South Africa)||ZAR 100|
|ATM Withdrawal Fees (Uganda)||UGX 1,000|
|ATM Withdrawal Fees (Nigeria)||NGN 1,000|
|Foreign Exchange Fees and Crypto Brokerage Commissions (e.g., stocks and cryptocurrency)||Varies|
|Other Fees (Interchange fees, payment fees, etc.)||Varies|
Chipper Cash Supported Countries
You can open a Chipper Cash account and transact while in any of the following countries, Ghana, Nigeria, Rwanda, Uganda, South Africa, and the USA.
Chipper Cash Customer Support
You can reach the Chipper Cash support team through the Live chat available on their website, or you can email them through [email protected].
Is Chipper Cash Legit?
Yes. People are skeptical about Chipper Cash because it does not charge any fees. Chipper Cash is a safe and secure platform for sending money and investing. Chipper Cash makes money through foreign exchange fees and crypto brokerage commissions. You can use Chipper Cash to pay bills and invest in cryptocurrencies.
Chipper Cash Reviews
Chipper Cash has an average rating of 3.6 stars on Trustpilot. However, 55% of all reviews are 5 stars, meaning a majority of people are impressed with Chipper Cash. Chipper Cash is an excellent money transfer service that also supports stocks and cryptocurrency investments. However, some users have complained that the customer support is not always responsive. Moreover, the app is not available in all countries, so you may not be able to use it if you are not in one of the supported countries.
Chipper Cash Alternatives
Here are some Chipper Cash alternatives:
What You Need to Know About Chipper Cash
Chipper Cash is a popular mobile payment app that offers a variety of features, including free local transfers, low cross-border fees, instant payments, virtual dollar card, stocks, and secure transactions. It is a good option for people who want to send and receive money quickly and easily within Africa. However, there are some fees associated with using Chipper Cash, such as a one-time issuance fee for the USD card and a transaction fee for online purchases. Additionally, the exchange rate for the USD card is more expensive than the official exchange rate. The platform is a good option for people who want to send and receive money within Africa.
Chipper Cash FAQs
Is Chipper Cash approved by CBN?
Yes, Chipper Cash is approved by the Central Bank of Nigeria (CBN). The CBN granted Chipper Cash a license to operate as a Payment Service Provider (PSP) in Nigeria in 2019. This means that Chipper Cash is authorized to provide payment services in Nigeria, such as sending and receiving money, paying bills, and buying airtime.
What is Chipper Cash dollar rate to naira?
The current Dollar-Naira rate for the Chipper Cash USD card is N800 to a dollar. This means that you will need to pay N800 for every USD 1.00 you want to spend.
Can I use Chipper Cash virtual card on AliExpress?
Yes, you can use the Chipper Cash virtual card on AliExpress. The Chipper Cash USD card can be used to make online purchases anywhere Visa cards are accepted. AliExpress accepts Visa cards, so you should be able to use your Chipper Cash USD card to make purchases on the site.
How do I add fund to Chipper Cash dollar card?
There are two ways to fund your Chipper Cash USD card:
- From your Chipper Cash wallet: You can transfer money from your Chipper Cash wallet to your USD card. There is a 2.9% + NGN 100 transaction fee for this.
- From a bank account: You can link your bank account to your Chipper Cash account and transfer money from your bank account to your USD card. There is no fee for this.