ChitChat expands financial services

ChitChat, a leading African social commerce platform, has announced the launch of its new remittance feature, which enables seamless cross-border money transfers across 13 countries worldwide.

This feature, according to a statement on Thursday, expands the financial services users can access from within a chat conversation and increases the functionality of the multicurrency ChitChat wallet and USD virtual debit card.

ChitChat is a social commerce platform that enables users across Africa to chat with each other over an encrypted platform.

The platform, according to the firm, is built with security and effortless financial transactions in mind, enabling users to send instantaneous USD payments to friends and family within chat conversations.

“The new remittance feature expands the markets from which users can send and receive funds that can be converted to local currency within the app.

“Users can send money to bank accounts, mobile wallets, and cash agents in several countries. ChitChat aims to provide users with a safe and secure place to chat, transact, send and receive money, and create communities,” the statement highlighted.

For its initial phase, the supported remittance destinations include developed and growing markets like India, Japan, China, the United States, the United Kingdom, Canada, Malaysia, South Africa, Tanzania, Zimbabwe, Zambia, Ghana, and Rwanda.

Remittances are a crucial source of external finance for many African households, with contributions exceeding 20 per cent of GDP in some countries.

In 2022, remittances to Africa reached $100bn, surpassing the combined total of development assistance and FDI into the continent.

With this new addition, ChitChat aims to make financial transactions easier for Africans living abroad and domestically as they support family members and conduct business.

The CEO of ChitChat, Perseus Mlambo, noted, “We are thrilled to introduce remittances as the latest offering on the ChitChat platform. This feature allows Africans at home and abroad to send money easily and securely.

“Whether it’s a bank deposit to the UK, a mobile wallet transfer to Zimbabwe, or a cash payout in Ghana, we aim to provide a smooth and accessible service for all.”