Bamboo Expands to Canada, Launches Fee-Free Remittance Service
Bamboo, a Nigerian investment platform, has expanded its operations to Canada and launched a new fee-free remittance service called Coins by Bamboo. This move aims to address the high costs and complexities associated with sending money to Africa.
“With many Africans now living abroad, they often face challenges when trying to send money back home,” said Richmond Bassey, Bamboo’s co-founder and CEO. “High fees and unfavorable exchange rates can significantly reduce the amount that reaches their loved ones. Coins by Bamboo is designed to eliminate these barriers and make cross-border transfers more affordable and convenient.”
Bamboo’s expansion to Canada is a strategic decision, as Nigeria is a major source of immigrants to the country. “Canada is a significant market for us, and we believe that our products and services will be well-received by the Nigerian diaspora,” Bassey added.
Founded in 2019, Bamboo has quickly gained popularity in Nigeria, attracting over 500,000 users. The company raised $15 million in 2022 from leading venture capital firms Greycroft and Tiger Global. While Bamboo enters a competitive remittance market, the company differentiates itself by offering fee-free transfers and competitive exchange rates. “We believe that by focusing on providing value to our users, we can carve out a unique position in the market,” Bassey explained.
Coins by Bamboo is just the first step in Bamboo’s broader mission to empower Africans globally. The company plans to continue expanding its product offerings to meet the evolving needs of the African diaspora.
Source: Techcabal
