Effective Date: September 2026
Operating Entity: Critical Ideas Limited (trading as Chipper Cash Ghana)
Support Email: [email protected]
1. Overview & Acceptance of Terms
1.1 Scope of Supplement
This Investment Services Supplement (“Supplement”) amends and extends the core Chipper Cash Ghana User Agreement between you and Critical Ideas Limited (trading as Chipper Cash Ghana, “Chipper”, “we”, “us”, or “our”).
This Supplement specifically governs your access to and use of investment products and execution services offered on the Chipper app in partnership with the Black Star Group entities:
Black Star Advisors Limited (“BSA”): Providing fund management and collective investment schemes (Mutual Funds).
Black Star Brokerage Limited (“BSB”): Providing brokerage execution and market access for Ghana Stock Exchange (GSE) equities (Ghana Stocks).
1.2 Agreement to Terms
By accessing or placing orders for investment products through the Chipper app, you accept and agree to be bound by:
The core Chipper Cash Ghana User Agreement.
The terms of this Supplement.
Specific fund prospectuses, scheme rules, or brokerage terms issued by BSA or BSB.
2. Regulatory Status & Division of Responsibilities
2.1 Regulatory Status
Critical Ideas Limited (Chipper Cash Ghana): A fintech licensed as a Broker-Dealer by the Securities and Exchange Commission (SEC) of Ghana and licensed by the Bank of Ghana (BOG). Chipper provides the digital platform, verification infrastructure, and payment processing rails.
Black Star Advisors Limited (BSA): An independent Fund Manager licensed by the SEC Ghana, responsible for managing, valuing, and operating mutual funds and collective investment schemes.
Black Star Brokerage Limited (BSB): An independent Broker-Dealer and Licensed Dealing Member (LDM) of the Ghana Stock Exchange (GSE), licensed by the SEC Ghana to route, execute, and settle trades for local equities.
2.2 Execution & Platform Role
Intermediary Access: Chipper acts as the digital access portal and broker-dealer interface.
No Direct Portfolio Management: Chipper does not manage mutual fund portfolios or act as a market maker for Ghana Stocks. BSA remains solely responsible for fund management, portfolio strategy, and Net Asset Value (NAV) calculations. BSB remains solely responsible for equity order routing and trade execution on the GSE trading floor/Automated Trading System.
Product Terms Disclaimer: Important! All investment-related services are governed by BSA’s and BSB's regulatory status and product-specific terms. Chipper Cash merely facilitates user access to these services within the Platform.
3. Third-Party Authorization & Funding Directives
3.1 Authorization to Act & Funding Methods
By placing an order for mutual funds or Ghana Stocks, you expressly authorize and direct Chipper and its payment processing partners to:
Initiate direct debits or push-prompt requests to your linked Mobile Money Wallet (e.g., MTN MoMo, Telecel Cash, or AT Money) or deduct cleared funds from your Chipper GHS Wallet to settle investment purchases.
Transmit your binding unit-purchase or redemption orders for mutual funds directly to Black Star Advisors.
Route your buy/sell equity limit orders for Ghana Stocks directly to Black Star Brokerage for execution on the GSE, including authorizing Chipper and BSB to open, link, or administer a Central Securities Depository (CSD) account on your behalf.
Credit redemption or stock sale proceeds directly back to your Chipper GHS Wallet or registered Mobile Money account upon receipt of cleared funds from BSA, BSB, or the Central Securities Depository (CSD).
3.2 Regulatory Data Sharing
You consent to Chipper sharing required Know-Your-Customer (KYC) details, identification records, tax status, CSD account details, and transaction histories with BSA, BSB, fund custodians, trustees, and the SEC Ghana for regulatory compliance and reporting.
4. Investment Execution & Settlement Operations
4.1 Mutual Funds (BSA)
Orders placed prior to daily cut-off times are executed using the Net Asset Value (NAV) calculated by BSA for that trading session.
Redemption payouts are subject to fund-specific liquidity terms and custodian clearing timelines.
4.2 Ghana Stocks (BSB)
Stock trades are routed to BSB for execution on the Ghana Stock Exchange (GSE) in accordance with market price-time priority rules.
Whole-Share Limit Orders: Stock orders must be placed as whole-share limit orders to enter BSB's order book execution queue.
4.3 Settlement & Direct Deductions
Instant Wallet / Mobile Money Debits: When executing a buy order, your designated Mobile Money account or Chipper GHS Wallet will be debited immediately for the full order value plus applicable transaction fees or statutory charges.
Failed Deductions: If a Mobile Money prompt is declined, times out, or fails due to insufficient balance, the investment order will be automatically canceled, and no units or shares will be allocated.
5. Fees, Taxes, and Charges
Applicable Fees: Entry/exit loads, brokerage commissions, CSD charges, SEC fees, or transaction costs will be clearly displayed prior to order confirmation or detailed in the app Fee Schedule and BSA/BSB prospectuses.
Tax Responsibilities: Users are solely responsible for understanding and fulfilling any local tax obligations, withholding taxes, or statutory duties applicable to investment earnings under Ghanaian tax law.
Auto-Deduction: You authorize Chipper, BSA, and BSB to automatically deduct applicable fees, transaction charges, or statutory duties directly from your funding account or net transaction proceeds.
6. Limitation of Liability, Indemnification & Market Risk
6.1 General Investment Disclaimer
Past performance of any mutual fund or local equity is not indicative of future returns.
Investment values can fluctuate, and capital is not guaranteed by Chipper, BOG, or SEC Ghana. You may receive back less than your original principal amount invested.
Educational content, performance charts, and financial analytics on the Chipper platform do not constitute personalized investment advice.
6.2 Exemption of Liability
Chipper will not be liable for any losses, expenses, or damages resulting from:
Failure, insolvency, act, or omission of Black Star Advisors, Black Star Brokerage, fund trustees, or custodians.
GSE market illiquidity, trading halts, or execution delays within the BSB/GSE order book.
Unsuccessful, timed-out, or delayed Mobile Money debit prompts initiated by telecom network operators.
6.3 Indemnification
You agree to indemnify and hold harmless Critical Ideas Limited (Chipper Cash Ghana), its officers, directors, employees, agents, licensors, and suppliers from any claims, actions, demands, losses, or liabilities resulting from your violation of these Terms or misuse of the Platform.
7. Governing Law & Customer Support
7.1 Governing Law
This Supplement is governed by and construed in accordance with the laws of Ghana.
7.2 Customer Support & Escalations
Centralized Support & Escalations: All support inquiries, issues, operational concerns, and transaction escalations related to investment products must be submitted directly through Chipper Cash. Chipper Cash will handle communication and coordinate with Black Star Advisors or Black Star Brokerage on your behalf.
In-App Support: Submit queries or report operational issues via in-app customer chat in the Chipper app.
Email Support: Reach out directly to [email protected] for transaction inquiries, account status, or payment delays.