Zambia’s social commerce start-up, ChitChat, has introduced a USD virtual debit card in collaboration with MasterCard, aiming to expand its reach into cross-border payments.
In 2021, entrepreneur couple Perseus Mlambo and Alessandra Martini, founders of Union54, the parent company of ChitChat, made history as the first Zambian start-up to join Y Combinator.
Union54 raised over $15 million from global investors, including Tiger Global, before they had to halt operations in 2022 following an attempted $1.2 billion chargeback fraud on their systems.
In 2023, the Zambian start-up relaunched with ChitChat, a super-app co-founder Perseus Mlambo has dubbed “the WeChat of Africa,” enabling users to chat and send money to each other.
The digital payments market in Zambia is projected to grow by 16.12% from 2023 to 2027, reaching a market size of approximately USD 8.44 billion.
Gabriel Swanepoel, Country Manager at Mastercard said, “Our partnership with ChitChat will empower them to manage their consumers’ digital commerce needs, interactions, and experiences. We will provide multi-use, omnichannel digital payment solutions that enhance operational efficiency and enable a seamless transition into digital commerce.”
Perseus Mlambo, CEO of ChitChat said “By integrating local economies with the global market in a secure and convenient chat platform, we empower our users with instant transactions that transform everyday interactions and unlock new economic opportunities across the continent.”
