Africhange, a cross-border remittance service provider, recently announced that its Nigerian subsidiary, Currenzo, has successfully obtained the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This development will enhance Africhange’s capacity to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria, a country that receives a significant amount of remittances in Sub-Saharan Africa.
According to the World Bank’s Migration and Development Brief, Nigeria received 38% of the region’s $54 billion total remittances in 2023. These funds play a crucial role in supporting various aspects of life such as education, healthcare, and daily expenses for many Nigerians, underscoring the importance of accessible and cost-effective remittance solutions.
The IMTO license positions Africhange to provide a reliable service that enhances access to essential financial assistance across borders. Africhange’s CEO, David Ajala, emphasized the significance of this milestone in offering faster and more affordable ways for individuals to support their families in Nigeria.
Africhange’s Head of Growth, Tega Gabriel, highlighted the opportunities presented by the IMTO license to establish direct partnerships with Nigerian banks and other international money transfer operators. These partnerships will expedite transactions and enhance the remittance experience for users sending money to Nigeria, aligning with Africhange’s goal of providing accessible financial services to the global diaspora.
Established in 2020, Africhange serves a global user base exceeding 200,000 and has facilitated over 2 million successful transactions. Operating in more than 100 countries, including Canada, the United Kingdom, and Australia, Africhange offers a wide range of currencies and services to simplify international money transfers.
Earlier this year, the Central Bank of Nigeria approved 14 new International Money Transfer Operators to bolster remittance services. In June, the CBN issued updated guidelines permitting eligible IMTOs to conduct foreign exchange transactions through Nigeria’s official channels, aiming to enhance remittance flows and improve the foreign exchange market’s efficiency.