Chipper Cash and Ripple Join Forces to Bring RLUSD Stablecoin to Africa
DUBAI, September 10, 2025 – In a groundbreaking move for Africa’s financial landscape, Chipper Cash, a leading fintech platform serving over five million customers, has partnered with Ripple, a global pioneer in digital asset infrastructure, to introduce Ripple’s USD-backed stablecoin, RLUSD, to the African market. This collaboration marks a significant milestone in expanding access to blockchain-based financial solutions, promising to revolutionize cross-border payments and financial inclusion across the continent [1].
RLUSD: A Stablecoin Built for Trust and Utility
Launched in late 2024, RLUSD is Ripple’s enterprise-grade, USD-backed stablecoin designed with compliance, transparency, and versatility at its core. Regulated by a New York limited purpose trust company under the New York Department of Financial Services (NYDFS), RLUSD has quickly gained global traction, approaching a market capitalization of $700 million [2]. Its appeal lies in its ability to bridge traditional finance and the crypto ecosystem, offering a reliable and secure digital asset for both institutional and retail users.
RLUSD’s applications are vast, ranging from instant settlement of cross-border payments to providing liquidity for remittances and treasury operations. It also integrates seamlessly with decentralized finance (DeFi) protocols and supports the trading of tokenized real-world assets like commodities and securities on blockchain platforms. For Africa, where financial infrastructure can be fragmented, RLUSD offers a transformative tool to streamline transactions and enhance access to global markets.
Chipper Cash: Driving Financial Inclusion in Africa
Founded in 2018 by Ham Serunjogi and Maijid Moujaled [3], Chipper Cash has become a cornerstone of Africa’s fintech revolution [4]. The platform enables seamless cross-border money transfers, personal investments, and digital business transactions, serving millions of users across the continent and expanding into the United States. By prioritizing accessibility and trust, Chipper Cash has empowered individuals and businesses to navigate financial systems with ease.
The partnership with Ripple builds on Chipper Cash’s earlier collaboration with the company, which focused on delivering faster and more cost-effective cross-border payments. Now, by integrating RLUSD, Chipper Cash is poised to further its mission of providing innovative financial services tailored to the needs of African users.
“Partnering with Ripple to bring RLUSD to Africa is a natural extension of our commitment to making financial services more accessible,” said Ham Serunjogi, Co-Founder and CEO of Chipper Cash. “This stablecoin has the potential to reshape how money moves across borders, offering our customers a powerful tool for both personal and business transactions.”
A Game-Changer for Africa’s Financial Ecosystem
The introduction of RLUSD through Chipper Cash comes at a critical time for Africa, where demand for efficient, low-cost financial solutions is soaring. Traditional banking systems often face challenges such as high fees, slow transaction times, and limited access in rural areas. RLUSD addresses these pain points by enabling near-instantaneous settlements and reducing the costs associated with cross-border transfers.
For businesses, RLUSD opens up new opportunities in treasury management and DeFi, allowing companies to tap into global liquidity pools and participate in emerging blockchain-based markets. For individuals, the stablecoin simplifies remittances—a lifeline for many African families—by offering a stable, USD-pegged asset that mitigates the volatility often associated with cryptocurrencies.
Jack McDonald, Ripple’s SVP of Stablecoins, emphasized the strategic importance of the partnership: “Africa is a dynamic and rapidly growing market for digital financial solutions. By working with Chipper Cash, we’re bringing RLUSD’s enterprise-grade capabilities to a region that stands to benefit immensely from blockchain technology.”
Addressing the Decline in Private Credit
Despite the promise of fintech innovations like RLUSD, access to finance remains a significant challenge for Africa’s economic development. According to the European Investment Bank’s Finance in Africa 2024 report, private-sector credit has declined sharply, falling from 56% of gross domestic product in 2007 to 36% in 2022. This reduction limits the growth of productive economic assets, hindering industrialization and broader economic progress across the continent. The high cost of funding and lack of capital, cited by one-third of African banks as a major concern, further exacerbate these challenges.
The broader private credit landscape in Africa also reveals a significant gap [5], particularly for mid-sized businesses. According to a recent analysis by African Business, Africa faces a credit gap of $360 to $400 billion, with private debt accounting for only 7% of total funding raised on the continent. While the global private credit market reached $1.7 trillion by the end of 2023, a mere 0.3% is directed toward Africa, underscoring the untapped potential of private debt solutions.
Mid-cap businesses, which drive growth, innovation, and employment in Africa, are particularly affected by this financing gap. Positioned between numerous micro-enterprises and a few large corporations, these companies often struggle to access capital suited to their needs. Traditional senior debt, while cost-effective, is primarily available to large-cap companies and comes with stringent conditions, such as strict covenants and high collateral requirements, limiting its suitability for mid-caps. Private equity, on the other hand, often demands a loss of ownership and control, which many family-run or entrepreneur-led mid-cap businesses are reluctant to accept.
Mezzanine financing, a hybrid of debt and equity, emerges as a promising solution for these mid-cap companies. Unlike senior debt, mezzanine finance provides growth capital up to 4x EBITDA without diluting ownership or imposing rigid repayment structures. Its flexible repayment options, including deferred interest, help businesses manage cash flow in volatile markets, while tax-deductible interest payments make it cost-effective. Additionally, mezzanine investors often provide strategic support without exerting control, allowing businesses to retain operational autonomy while benefiting from industry expertise.
Despite its advantages, mezzanine finance remains underrepresented, comprising just 3% of Africa’s private debt market, compared to senior direct lending, which dominates at 84%. Emerging players like EG Capital, which focuses on high-growth mid-cap companies in sectors like health, education, and nutrition, are leveraging mezzanine finance to address developmental challenges while delivering strong returns. For instance, EG Capital’s EG-Economic Empowerment Fund LP, backed by the Kenya Pension Fund Investment Consortium (KEPFIC), targets mid-caps in East Africa and Zambia, offering African institutional investors like pension funds attractive risk-adjusted returns through USD-denominated private debt vehicles. These investments provide liquidity, downside protection, and safeguards against currency volatility, making them a compelling option for institutional investors.
Initiatives like the Chipper Cash-Ripple partnership, which leverage blockchain technology to reduce transaction costs and improve liquidity, complement these efforts by providing alternative financing mechanisms for businesses and individuals. By integrating RLUSD, Chipper Cash can help address the liquidity constraints that exacerbate the private credit gap, enabling more efficient cross-border transactions and supporting Africa’s economic growth.
Versatile Applications of Chipper Cash’s Virtual Card
Chipper Cash’s virtual card [6], which has the potential to integrate RLUSD for transactions, significantly enhances its utility by enabling seamless payments across a diverse range of digital platforms, both globally and within key African markets. This versatility empowers users to engage in various online activities, from shopping and entertainment to professional services and education, thereby fostering greater financial inclusion and economic participation.
The virtual card is widely accepted for e-commerce, allowing users to make purchases on major global platforms such as Amazon, AliExpress, eBay, and Etsy, as well as local marketplaces like Jumia and Konga in Nigeria, Jumia Kenya and Kilimall in Kenya, Jumia Uganda in Uganda, and Jumia Ghana in Ghana. This enables African consumers and businesses to access a broad array of goods and services, supporting both personal needs and entrepreneurial ventures.
For entertainment and subscriptions, the card supports popular streaming services like Netflix, Spotify, Apple Music, YouTube Premium, Disney+, and Amazon Prime Video, catering to the growing demand for digital content across the continent. It also facilitates transactions on gaming platforms such as PlayStation Store, Xbox, Steam, Epic Games, and Nintendo eShop, providing gamers with access to digital stores and in-game purchases.
In the realm of travel and transportation, Chipper Cash’s virtual card is compatible with ride-hailing and booking services like Uber, Bolt, Lyft, Airbnb, Booking.com, and Expedia, making it easier for users to plan and pay for travel, whether for business or leisure. This is particularly valuable in Africa, where efficient and affordable transportation options are in high demand.
The card also supports remote work and freelancing, enabling payments on platforms like Upwork, Fiverr, Deel, and Wise. This functionality is critical for Africa’s growing gig economy, allowing freelancers and remote workers to receive payments and manage their finances with ease. Additionally, the card is accepted for cloud and software services, including Google Play, Apple App Store, Microsoft, Adobe, and Zoom, as well as online learning platforms like Coursera, Udemy, and LinkedIn Learning, empowering users to access professional tools and educational resources.
Chipper Cash notes that users should ensure their virtual card is funded prior to transactions, as some platforms may initiate a small authorization charge to verify the card. Additionally, certain merchants, such as Apple, PayPal, and Stripe, require the billing address on the virtual card to match account details, and some may not accept virtual or prepaid cards. Despite these considerations, the card’s broad compatibility makes it a powerful tool for facilitating digital transactions, potentially enhanced by RLUSD’s stability and efficiency, further driving economic activity and financial inclusion across Africa.
Ripple’s Vision for a Digital Financial Future
Ripple has long been a leader in leveraging blockchain to transform global finance. Its XRP Ledger and native digital asset, XRP, have powered fast, low-cost transactions for years, earning the trust of financial institutions and regulators worldwide. RLUSD builds on this legacy, offering a stablecoin that combines cutting-edge functionality with regulatory rigor.
The integration of RLUSD into Ripple Payments, the company’s cross-border payment solution, further amplifies its value for Chipper Cash’s customers. By supporting a wide range of stablecoins, Ripple Payments ensures that users in Africa and beyond can choose the financial tools that best suit their needs.
Looking Ahead
The Chipper Cash-Ripple partnership signals a new era for financial innovation in Africa. As RLUSD gains traction, it has the potential to redefine how money moves across borders, empowering individuals, businesses, and institutions with greater efficiency and access. For Chipper Cash, this collaboration reinforces its position as a trailblazer in Africa’s fintech space, while Ripple continues to solidify its role as a global leader in digital asset infrastructure.
As Africa embraces blockchain technology, the launch of RLUSD through Chipper Cash is a bold step toward a more inclusive and connected financial future.