Union54, a fintech business based in Zambia, is releasing ChitChat, a new software with integrated digital wallet functionality.
Perseus Mlambo, CEO of Union54, confirmed the launch in a press release seen by News. ng on Friday.
ChitChat is an encrypted chat network that enables users in Africa to send and receive money using its digital wallet capabilities. It was created in collaboration with the global payments company, Mastercard.
According to Union54, a pan-African issuer of debit cards and developer of digital solutions, the new software would enable instant USD money transfers right within chat sessions.
The ability of ChitChat to enable instantaneous USD payment transfers directly within chat conversations, according to experts, is one of its best features. ChitChat, marketed as an encrypted platform, aims to provide African customers with an easy way to access and use digital finances.
In-app currency conversion between USD and Zambian Kwacha (ZMW) is another convenient feature of the programme that streamlines cross-border transactions and gets rid of the hassles that come with currency exchanges.
Union54 announced in June 2023 that ChitChat will be able to offer its card and payment functionality in beta for Angola, Tanzania, and Ghana thanks to Mastercard integration, with ambitions to expand into more areas.
Meanwhile, Union54 stopped providing its services in the wake of an attempted $1.2 billion chargeback scam, forcing African firms that had previously relied on its card-issuing services to look for other options.
According to Mastercard, this is an attempt to further encourage financial inclusion in African economies.
ChitChat was founded to provide a “safe, secure, and sovereign platform for social commerce,” according to Mlambo.
Mlambo continues, “We want to develop ChitChat into a platform that speeds up trade throughout Africa.”
Union54 intends to rapidly expand the app’s functionality, introducing group wallets in the upcoming weeks.
The company anticipates being ready to provide consumers with USD debit cards by the second quarter of this year.
