TBD, a digital payment platform owned by Block, has partnered with Chipper Cash, one of the largest fintech firms in Africa, to accelerate its global cross-border payments.
The partnership allows the newest business unit of the company formerly known as Square to grow its network countries on the continent to 40, Mike Brock, CEO of TBD, said in an interview in Accra, Ghana’s capital.
TBD was set up a little over two years ago by Block, co-founded by Jack Dorsey, who’s known for founding Twitter, to drive financial access to individuals, businesses and payment platforms.
Payment firms are looking to expand in Africa to tap a young population and provide a crucial service in a continent where banking infrastructure can be non-existent. San Francisco-based Chipper Cash already allows five million customers to move money to over 21 countries on the continent.
The traditional money transfer channels are slower due to customer identity protocols that can take up to days. They’re also limited to transferring fiat money only. TBD, however, allows customers with digital assets to also make transfers and for their recipients to get it in local currency into bank accounts or mobile wallets.
Engagement
Alternatively, recipients can opt to hold their value in dollars, bitcoin or stablecoins.
The company “bridges the gap between the old way of doing things and the digital asset space”, Brock said. “One of our main goals on the continent is to encourage engagement in that ecosystem — developers, fintechs, start-ups, banks, institutions can use these technologies today.” — Moses Mozart Dzawu, (c) 2024 Bloomberg LP