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News

Africhange secures IMTO licence to streamline remittance to Nigeria

Friday 8 November 2024 14:45 CET | News

Africhange has announced that its Nigerian branch, Currenzo, has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria.  

 

According to the press release, this enables Africhange to enhance its capacity to support inbound remittances for immigrants and diaspora communities sending funds to Nigeria.

Nigeria remains a key destination for remittances in Sub-Saharan Africa. The World Bank’s 2023 Migration and Development Brief reports that remittances to Nigeria alone accounted for 38% of the region's USD 54 billion total that year. For many Nigerians, these funds are essential for expenses such as education, healthcare, and daily living, making accessible, cost-effective remittance services crucial. With the IMTO licence, Africhange aims to offer a reliable platform that facilitates cross-border financial support. 

Africhange has announced that its Nigerian branch, Currenzo, has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria.

 

Operating across over 100 countries, Africhange provides a wide range of currencies and services designed to simplify international money transfers. By utilising advanced technology, the platform reduces the costs and complexities associated with cross-border payments, supporting immigrant communities—particularly those of African descent. 

Direct, affordable remittances to Nigeria 

The IMTO licence allows Africhange to handle remittances directly to Nigeria without third-party intermediaries. This development facilitates partnerships with local banks, simplifying payment processes and reducing costs for customers. It also allows the company to offer more competitive rates and faster services to Africans both within the continent and abroad. The press release continutes to state that Africhange is committed to maintaining stringent compliance with regulatory standards in all markets, ensuring secure and transparent transactions for its users. 

Officials from Africhange commented that obtaining the IMTO licence enables us to provide a faster, more affordable way for people to support loved ones. For Africhange, this marks a new chapter where it can empower individuals and businesses with seamless, direct transactions in Nigeria. 

This licencing achievement comes on the heels of Africhange’s recent expansion to the UK and complements licences already secured in Canada and the UK. The company now plans to enter the US and EU markets, further expanding its role in the remittance sector and reinforcing its status as a leader in cross-border financial services. 

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Keywords: money transfer, remittance, financial services, financial inclusion, cross-border payments
Categories: Payments & Commerce
Companies: Africhange, Central Bank of Nigeria
Countries: Nigeria
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Payments & Commerce

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Africhange

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Central Bank of Nigeria

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