Africhange, a number one cross-border remittance service supplier, introduced at the moment that its Nigerian subsidiary, Currenzo, has secured the Worldwide Cash Switch Operator [IMTO] licence from the Central Financial institution of Nigeria [CBN].
This strategic transfer considerably improves Africhange’s skill to facilitate inward remittances for immigrants and diaspora communities sending cash to Nigeria.
Nigeria stays one of many largest recipients of remittances in Sub-Saharan Africa. In accordance with the World Financial institution’s Migration and Growth Transient, in 2023 alone, remittance to Nigeria accounted for 38% of the area’s $54 billion whole. For a lot of Nigerian people, these funds are important for schooling, healthcare, and each day residing, making accessible and cost-effective remittance options very important. With the IMTO licence, Africhange is positioned to ship a trusted service that improves entry to much-needed monetary help throughout borders.
Based in 2020, Africhange has achieved spectacular progress as a completely bootstrapped firm, serving over 200,000 customers globally and facilitating greater than 2 million profitable transactions. Working in over 100 international locations—together with Canada, Nigeria, the UK, and Australia—Africhange affords an intensive vary of currencies and providers that simplify worldwide cash transfers.
By leveraging superior expertise, the platform minimizes the fee and complexity of cross-border transactions, enhancing the immigrant expertise and supporting communities, particularly these of African descent.
After 4 years of deep market understanding, maximizing unit economics, and reaching money move positivity, Africhange is now poised to lift funds within the coming yr to gas speedy growth and produce its impactful options to much more customers worldwide.
The brand new IMTO licence permits Africhange to handle inward remittances straight into Nigeria with out counting on intermediaries. By eradicating third-party involvement, this functionality permits partnerships with native banks, streamlining fee processes and reducing prices for patrons.
Moreover, the corporate can provide higher charges and quicker providers for Africans residing on the continent and overseas. Africhange is devoted to sustaining the best compliance requirements with regulatory necessities throughout all markets, guaranteeing that buyer transactions are safe and clear.
David Ajala, CEO of Africhange, acknowledged: “As an immigrant-founded firm, we perceive first-hand that sending and receiving cash throughout borders is a key a part of each day life for our customers, who’re immigrants of African descent. Securing the IMTO licence permits us to supply a quicker, extra reasonably priced approach for individuals to help their family members again residence.
“For Africhange, it means we’re getting into a brand new period the place we will empower each people and companies to make seamless, direct transactions in Nigeria. We’re excited in regards to the doorways this opens to carry higher affect to the lives of the communities we serve.”
With a robust observe report of success, Africhange has established partnerships with three Nigerian banks and is actively searching for to increase these relationships. It additionally has a dependable settlement associate in Nigeria, guaranteeing safe processing for native transactions. Constructing on this partnership alongside the IMTO licence.
Tega Gabriel, Head of Progress of Africhange, added: “This IMTO licence acquired from the CBN brings unimaginable alternatives to kind direct partnerships with Nigerian banks and different worldwide cash switch operators. Connecting straight with native companions lets us velocity up transactions and enhance the remittance expertise for our customers sending cash to Nigeria. As we scale, these partnerships will strengthen our attain throughout Nigeria and past, bringing us nearer to our imaginative and prescient of accessible monetary providers for the worldwide diaspora.”
The licence acquisition follows Africhange’s current growth to the UK and builds on the licences already acquired in its Canadian and UK markets, meaning to strengthen its service choices. Wanting forward, the cash switch platform is making ready to launch operations within the US and EU markets, additional scaling its footprint within the remittance sector and reinforcing its place as a pacesetter in cross-border monetary providers.
