ChitChat, a leading African social commerce platform, has unveiled a new remittance feature designed to enable seamless cross-border money transfers across 13 countries worldwide.
The feature, announced in a statement on Thursday, enhances the financial services available to users within chat conversations and expands the functionality of the platform’s multicurrency wallet and USD virtual debit card.
As a social commerce platform, ChitChat allows users to communicate securely via encrypted chat, while also providing an easy way to make instant USD payments to friends and family.
According to the firm, the platform is built to prioritize security and ease of use, enabling effortless financial transactions alongside its social messaging services.
“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 new remittance feature supports cross-border transfers to a range of developed and emerging markets, including India, Japan, China, the United States, the United Kingdom, Canada, Malaysia, South Africa, Tanzania, Zimbabwe, Zambia, Ghana, and Rwanda.
Remittances are a vital source of external finance for many African households, contributing over 20% of GDP in some countries.
In 2022, remittances to Africa reached $100 billion, outpacing both development assistance and foreign direct investment into the continent.
With the introduction of its new remittance feature, ChitChat aims to simplify financial transactions for Africans both abroad and domestically.
The CEO of ChitChat, Perseus Mlambo, said, “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.”
