Africhange, a 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 new licence enables Africhange to manage direct inward remittances to Nigeria, enhancing its service for immigrants and diaspora communities sending funds home.
Nigeria is one of Sub-Saharan Africa’s largest remittance recipients, with remittances accounting for 38 per cent of the region’s $54bn total in 2023, according to the World Bank.
These funds are essential for Nigerians, supporting education, healthcare, and daily expenses, making affordable remittance options crucial. The IMTO licence positions Africhange to provide more efficient, cost-effective services, delivering critical financial support directly to Nigerians.
Founded in 2020, Africhange has grown rapidly as a bootstrapped company, serving over 200,000 users and handling more than 2m transactions across 100+ countries, including Canada, Nigeria, and the UK. By leveraging advanced technology, Africhange has reduced the cost and complexity of international transfers, supporting African diaspora communities globally.
“The new IMTO licence allows Africhange to operate without intermediaries, facilitating partnerships with Nigerian banks, reducing transaction costs, and offering faster services.
“The company is dedicated to strict regulatory compliance, ensuring security and transparency for its users”, Africhange CEO David Ajala said.
“Securing the IMTO licence allows us to offer a faster, more affordable way for people to support loved ones back home. For Africhange, it’s a step into a new era of seamless transactions for individuals and businesses in Nigeria.”
“With this licence, Africhange has partnered with three Nigerian banks and aims to expand these partnerships to enhance its reach and efficiency in the Nigerian market,” he said.
Head of Growth of Africhange, Tega Gabriel added: “This IMTO licence 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,” he said.
He noted that the licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings.
“Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services,” he said.