By Adedapo Adesanya
Investment platform backed by Y-Combinator, Bamboo, has forayed into the remittances market as it announced the launch of its remittance app, Coins by Bamboo.
Following the approval of Canadian Money Service Business licence, the new remittance app, will enable Nigerians in the diaspora to make faster, more secure and cheaper money transfers to loved ones from the convenience of their mobile phones.
The move will build on Bamboo being the first online brokerage service to connect Africans with the US stock market, allowing those across the socioeconomic bracket to buy and trade global stocks on the Bamboo app.
In a statement shared with Business Post, the company said Coins by Bamboo is an extension of the brand ethos of Bamboo which is to give Africans the ability to invest in anything from everywhere.
“It further reflects the company’s commitment to democratising wealth building and facilitating meaningful investments in local communities as well as Africa’s future,” the statement added.
Having successfully scaled the Canadian vetting process to acquire an MSB licence, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance.
The company also shared that it will take advantage of lessons learnt connecting Africans with global asset classes to bring cost savings that are crucial for the millennials and Gen-Z who have migrated to Canada over the last ten years but still maintain strong ties to their home country.
Speaking on the announcement, Mr Richmond Bassey, Co-founder and CEO of Bamboo said, “We are thrilled to officially launch “Coins by Bamboo” to the public. “Coins” is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”
“We believe that one of the most preferred and important investments of Africans is in other Africans – investing in people and their futures through human capital development; and we want to contribute to making this a seamless process.
“For us, this new app further ignites our mission to democratise access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”
In a related development, Bamboo will partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.
Nigeria dominates the remittance sector, sometimes accounting for up to half of the region’s inflows. With emigration at an all-time high, there remains a growing demand for affordable and accessible digital remittance solutions necessitating the birth of Coins by Bamboo.
The new app will offer competitive rates comparable to their counterparts, in addition to offering customers the unique opportunity to directly donate to a curated list of charities. It will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.