Zambian agency Fintech, Zoona is in line to be acquired by Chipper Cash.
Founded in 2008, Zoona holds a Payments Service Business License from the Bank of Zambia, and to date, has processed funds totaling more than $3 billion in value.
Pan African payment solutions company, Chipper Cash, says it is closing on a deal to acquire Zoona, an agent-based financial services company operating in Zambia.
The acquisition, subject to deal closure and relevant approvals, is part of Chipper’s drive to expand across the continent while also being seen as an opportunity to improve payment and remittance services.
The two companies also complement each other’s shared products such as API, disbursements, and transfer solutions.
Bringing these companies together under the Chipper umbrella will mean we can open up even more borders, bringing quality financial services to life in more countries and connecting more people across the continent,” said Laura Kennedy, VP of Corporate Development at Chipper Cash.
Currently, Chipper operates in 6 countries including Ghana, Nigeria, Uganda, South Africa, the UK and the US.
Chipper highlighted Zoona’s agent network whereby over 600 outlets are offering financial services across Zambia.
Through the acquisition, Chipper Cash will broaden its suite of products to include additional online services and an agent network in order to accelerate its growth across the continent.
Chipper also highlighted Zoona’s Tilt service which enables payments and transfers to any bank or mobile money provider in Zambia via any cash or digital channel, plus a network of more than 450 interoperable agents.
“Working together, we can combine our expertise to connect consumers and businesses across the continent, positioning ourselves as the first choice provider for financial services for the people of Africa,” said Brett Magrath, Co-founder and CEO of Zoona.
This would be the first major acquisition by Chipper since its establishment in 2018.
Why cant you give us an estimate of how much it will be sold for? Didnt you see the financial articles when Musk was about to acquire Tweeter.
For how much in Chipper acquiring ZOONA for? One cant help but really pity the founders and ZOONA and those who spear-headed it at its prime when it was seen as one of the few ‘unicons’ in the fintech and financial inclusion space. That was the opportune time to sell and make a killing. I am sure it is now being sold for a ‘song’ and at significantly much lower market value than it commanded just literally a couple of years ago
This is a fraud, this company died a long time ago when mobile money business boomed in ZED
THOUGHT ZOONA WENT UNDER!!! USELESS BUSINESS. THE ENVIRONMENT HAS CHANGED !
As a pioneer of mobile phone financial transactions Zoona enjoyed boom in the absence of competition so it didn’t innovate and was left in the dust as other platforms emerged. It can’t honestly be said that Zoona has any significant impact on the Zambian market. They should think of something out the box if they’re to regain lost business. Why did they initially sideline that lady who was at the helm? With the money that they made they should’ve considered to invest in a mobile network but alas!