Africhange Secures IMTO License, Revolutionizing Inward Remittances to Nigeria
Africhange, a leading cross-border remittance service provider, has announced a significant milestone with the acquisition of the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN).
This strategic move empowers Africhange’s Nigerian subsidiary, Currenzo, to directly facilitate inward remittances to Nigeria, streamlining the process for immigrants and diaspora communities sending money back home.
Nigeria, a major recipient of remittances in Sub-Saharan Africa, relies heavily on these funds for various purposes, including education, healthcare, and daily living expenses. With the IMTO license, Africhange is poised to offer a more efficient, cost-effective, and transparent remittance solution, addressing the critical needs of Nigerians worldwide.
Founded in 2020, Africhange has experienced rapid growth as a fully bootstrapped company, serving over 200,000 users globally and processing over 2 million successful transactions. Operating in over 100 countries, including Canada, Nigeria, the UK, and Australia, Africhange provides a comprehensive range of currency and service options to simplify international money transfers.
Leveraging advanced technology, the platform minimizes the costs and complexities associated with cross-border transactions, enhancing the experience for immigrants and supporting communities, particularly those of African descent. After four years of focused growth and achieving cash flow positivity, Africhange is gearing up to raise funds in the coming year to accelerate expansion and extend its impactful solutions to a wider global audience.
The newly acquired IMTO license enables Africhange to directly manage inward remittances to Nigeria, eliminating the need for intermediaries. By removing third-party involvement, the company can forge direct partnerships with local banks, streamlining payment processes and significantly reducing costs for customers. This strategic move empowers Africhange to offer more competitive rates, faster processing times, and enhanced services for Africans both within and outside the continent.
David Ajala, CEO of Africhange, emphasized the company’s commitment to empowering individuals and businesses to make seamless, direct transactions in Nigeria.
He said,
“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.”
Also commenting, Tega Gabriel, Head of Growth at Africhange, highlighted the transformative potential of the IMTO license.
He said,
“This IMTO license 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 acquisition of the IMTO license follows Africhange’s recent expansion to the UK and builds upon its existing licenses in Canada and the UK. The company is now poised to launch operations in the US and EU markets, solidifying its position as a leading player in the cross-border financial services industry.
