Home Business Firm secures Int’l money transfer licence to facilitate remittance to Nigeria
BusinessNews

Firm secures Int’l money transfer licence to facilitate remittance to Nigeria

Share
Share

By Chioma Obinagwam

The Nigerian subsidiary of Africhange, Currenzo, has secured the International Money Transfer Operator [IMTO] licence from Nigeria’s apex bank—the Central Bank of Nigeria [CBN].

This strategic move significantly improves Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.

Confiance News gathered from a statement issued by the Senior Account Manager – New Business, Yemi Kuti at Wimbart on Thursday.

The statement said that Africhange is a leading cross-border remittance service provider. It said: “Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa.

According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the region’s $54 billion total.

For many Nigerian individuals, these funds are essential for education, healthcare, and daily living, making accessible and cost-effective remittance solutions vital.

With the IMTO licence, Africhange is positioned to deliver a trusted service that improves access to much-needed financial support across borders.

“Founded in 2020, Africhange has achieved impressive growth as a fully bootstrapped company, serving over 200,000 users globally and facilitating more than 2 million successful transactions.

Operating in over 100 countries—including Canada, Nigeria, the United Kingdom, and Australia—Africhange offers an extensive range of currencies and services that simplify international money transfers.

By leveraging advanced technology, the platform minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.

After four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, Africhange is now poised to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.

The new IMTO licence allows Africhange to manage inward remittances directly into Nigeria without relying on intermediaries. By removing third-party involvement, this capability enables partnerships with local banks, streamlining payment processes and lowering costs for customers.

Furthermore, the company can offer better rates and faster services for Africans living on the continent and abroad. Africhange is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.

David Ajala, CEO of Africhange, stated: “As an immigrant-founded company, we understand first-hand that sending and receiving money across borders is a key part of daily life for our users, who are immigrants of African descent.

“Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home.

“For Africhange, it means we’re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria.

“We’re excited about the doors this opens to bring greater impact to the lives of the communities we serve.”

With a strong track record of success, Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships.

It also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions. Building on this partnership alongside the IMTO licence.

Tega Gabriel, Head of Growth of Africhange, added: “This IMTO licence acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators.

“Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria.

“As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.”

The licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings.

Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

How Seplat Energy hit ₦1 trillion revenue in Q3, 2024

As Seplat Energy PLC crosses ₦1trillion revenue

CSR: Fidelity Bank renovates clinic, provides borehole at Nasarawa

By Chioma Obinagwam Fidelity Bank has renovated a Primary Health Centre (PHC) in Nasarawa State. “To show our dedication to uplifting communities, we...

Related Articles

How Seplat Energy hit ₦1 trillion revenue in Q3, 2024

As Seplat Energy PLC crosses ₦1trillion revenue

Why FIRS honoured NLNG with most compliant taxpayer award

By Chioma Obinagwam NLNG has received the prestigious award of Most Compliant...

How AfDB’s YEIB will provide1.4 million jobs, tackle Nigeria’s unemployment woes

By Chioma Obinagwam The African Development Bank (AFDB), has approved a $100...

And they had to replace him with an ugly man,’ X user reacts to sack of Engonga

By Chioma Obinagwam Reactions has trailed the sack of Baltasar Engonga, who...

Advertisements