Africhange, a leading cross-border remittance service provider, has announced that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN).
This strategic move strengthens Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.
Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa, with $54 billion received in 2023, accounting for 38% of the region’s total.
The IMTO licence enables Africhange to manage inward remittances directly into Nigeria without relying on intermediaries, reducing costs and improving services for customers.
Founded in 2020, Africhange has achieved impressive growth, serving over 200,000 users globally and facilitating more than 2 million successful transactions.
Operating in over 100 countries, Africhange offers an extensive range of currencies and services that simplify international money transfers.
The new IMTO licence allows Africhange to partner directly with local banks, streamlining payment processes and lowering costs for customers.
David Ajala, CEO of Africhange, stated, “Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home.
We’re stepping into a new era where we can empower individuals and businesses to make seamless, direct transactions in Nigeria.”
Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships.
The company also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions.
Tega Gabriel, Head of Growth at Africhange, added, “This IMTO licence 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.”
The licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets.
Africhange is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector.
With this development, Africhange reinforces its position as a leader in cross-border financial services, dedicated to maintaining the highest compliance standards with regulatory requirements across all markets.
The company’s commitment to accessible and cost-effective remittance solutions supports communities, especially those of African descent.
Africhange’s growth trajectory is poised to continue, with plans to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.
As a trusted service provider, Africhange is enhancing the immigrant experience and supporting communities across borders.
Comment here