With a touch of enthusiasm, Africhange marks a turning point in the world of money transfers by securing the precious IMTO (International Money Transfer Operator) license granted by the Central Bank of Nigeria (CBN). By eliminating intermediaries, the company ensures a seamless bridge for the thousands of immigrants and diaspora members eager to send essential funds to Nigeria. Thanks to this advancement, Currenzo, Africhange’s Nigerian subsidiary, enhances its offering by providing fast, cost-effective, and intermediary-free transactions, thus becoming the hero for those who want to support their loved ones across borders.
Africhange, a provider of cross-border money transfer services, has taken a giant step by obtaining the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN) for its Nigerian subsidiary, Currenzo. This initiative strengthens their capacity to facilitate incoming money transfers for immigrants and diaspora communities sending funds to Nigeria.
Money transfers represent a massive share of Nigeria’s income compared to other African countries. In 2023, according to the World Bank, remittances to Nigeria accounted for 38% of the total $54 billion in the region. For many Nigerians, this money is crucial for education, healthcare, and daily living, making affordable and accessible solutions even more essential.
With this new IMTO license, Africhange can now directly manage remittances to Nigeria without intermediaries, partnering with local banks to streamline payment processes and reduce costs for customers. Moreover, they can offer better rates and faster services to Africans, both on the continent and abroad.
Founded in 2020, Africhange has already amassed over 200,000 users worldwide, simplifying international money transfers with a variety of currencies. Through local banking partnerships and the use of advanced technologies, the service becomes a breath of fresh air for communities, particularly those of African descent, regarding the cost and complexity of cross-border transactions.
According to David Ajala, the CEO of Africhange, obtaining this license marks a new era where transactions become direct and smooth, reinforcing the positive impact on the lives of the communities served. Furthermore, Tega Gabriel, head of growth at Africhange, believes that this advancement allows for direct relationships with banks and other international operators, thereby accelerating transactions for users sending money to Nigeria.
Africhange’s New Momentum with the IMTO License
Africhange, a pioneer in cross-border transfer services, continues its commitment to making remittances easier and faster. Through its Nigerian subsidiary, Currenzo, the company has just obtained the valuable IMTO license granted by the Central Bank of Nigeria (CBN). This new acquisition allows Africhange to directly manage incoming transfers to the country, thus doing away with intermediaries. As a result, customers benefit from a streamlined process with reduced fees, which is a significant advantage for many Nigerians living abroad.
The Economic Impact of Remittances in Nigeria
Remittances play a crucial role in the Nigerian economy. In fact, they account for approximately 38% of the total $54 billion in the region, according to the World Bank. These funds are often used for essential needs such as education and healthcare, making the availability and cost of transfers incredibly significant. Africhange, with its newly acquired permit, now offers a more accessible and cost-effective solution for diasporas. This ease of transaction not only improves the financial situation of families in Nigeria but also strengthens the overall local economy.
The robust infrastructure that Africhange has established allows for the creation of strong partnerships with local Nigerian banks. This not only accelerates transactions but also enhances the transparency and security of transfers. An old complex system that was often costly is transformed into a user-friendly and efficient experience. This strengthens immigrants’ interest in using Africhange as the conduit for their financial flow. By choosing this option, they are opting for a service that meets the highest compliance standards, thus addressing user security expectations.
Africhange: Vision and Global Expansion
Founded in 2020, Africhange has quickly gained popularity, accumulating over 200,000 users globally. The company has already completed over two million successful transactions, proving its expertise and reliability. It currently operates in about a hundred countries, including Canada, the United Kingdom, and Australia. With a clear ambition to expand further, Africhange plans to soon establish itself in the United States and European markets, thereby consolidating its position in the international money transfer sector. This expansion not only increases the reach of its services but also adds a new dimension to the global finance landscape. Africhange’s vision is to continue providing accessible financial services on a global scale while strengthening its presence in African diaspora communities.
