Africhange, a leading cross-border remittance service provider, has announced a major milestone with its Nigerian subsidiary, Currenzo, securing the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN).
This strategic development significantly enhances Africhange’s ability to facilitate secure and efficient inward remittances for immigrants and diaspora communities sending money to Nigeria.
Nigeria continues to be one of the largest recipients of remittances in Sub-Saharan Africa. According to the World Bank’s 2023 Migration and Development Brief, remittances to Nigeria accounted for 38% of the region’s $54 billion total, making accessible and cost-effective remittance solutions essential for the country’s economic stability. The new IMTO license enables Africhange to offer direct, trusted services without relying on third-party intermediaries, ensuring faster, more affordable, and secure transactions for Nigerians both at home and abroad.
Founded in 2020, Africhange has rapidly expanded its global presence, serving over 200,000 users and facilitating more than 2 million successful transactions across 100+ countries, including Nigeria, Canada, the UK, and Australia. By leveraging advanced technology, Africhange has simplified international money transfers, minimizing costs and complexities for its users, particularly within African diaspora communities.
David Ajala, CEO of Africhange, expressed the significance of the new IMTO license: “As an immigrant-founded company, we understand the importance of seamless and affordable cross-border transactions. This license allows us to directly support Nigerian communities by providing faster and more cost-effective ways to send money home.”
Africhange’s growth strategy includes strengthening its partnerships with Nigerian banks, having already established agreements with three major institutions, and expanding its presence in the US and EU markets. These steps align with the company’s broader vision of empowering individuals and businesses to engage in efficient, direct transactions, ultimately improving the remittance experience for users worldwide.
Tega Gabriel, Africhange’s Head of Growth, added: “This IMTO license opens new doors for direct collaboration with local banks and international money transfer operators, enabling us to enhance our service offerings and strengthen our presence across Nigeria.”
With the IMTO license now secured, Africhange is poised for rapid expansion, further solidifying its position as a leader in the cross-border financial services sector.