Africhange's new Authorised Payment Institution License will focus mainly on the UK-Nigeria corridor, with plans to expand to Ghana and Kenya by the year's end.
This license will serve as the foundation for offering a variety of payment solutions, including remittance services, to users in the UK.
Through Africhange, students studying at UK universities are eligible for discounted exchange rates, in addition to the competitive rates offered to the public. Africhange is also set to launch its loyalty program, Afripoints, enabling users to earn cash rewards by sending or receiving money via the platform. Afripoints is currently accessible to users in Canada, Australia, and Nigeria, with plans for a launch in the UK soon. Africhange presently facilitates remittance services in over 100 corridors worldwide and is expanding to include additional corridors in Africa, Europe, Asia, and the Americas, offering users a wider array of payment and financial services.
Remittances from the UK to Africa are a significant and increasing financial stream. In 2023, over USD 8 billion was sent to various countries on the continent. Recent studies show that Nigeria ranks among the top recipients of remittances from the UK globally. Despite this, Africa is reported to have some of the costliest remittance channels worldwide, with fees reaching up to 15% for transferring funds to certain African nations, as per the World Bank.
The company facilitates money transfer services from Canada, Nigeria, Australia, and the UK to various countries worldwide, supporting a variety of currencies such as US Dollars (USD), Canadian Dollars (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), Indian Rupees (INR), Australian Dollars (AUD), British Pound Sterling (GBP), and more.
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