Africhange, a fintech company focused on cross-border remittances, has recently achieved a significant milestone by securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN). This new license empowers Africhange to manage direct remittances into Nigeria, eliminating reliance on intermediaries and enhancing transaction efficiency for users.
The IMTO license, obtained through Africhange’s Nigerian subsidiary, Currenzo, marks an essential step in its goal to streamline and secure money transfers for the Nigerian diaspora.
Africhange’s expansion into the remittance sector is part of a broader strategy that aims to offer Nigerians abroad a cost-effective and reliable way to send funds back home. The license enables Africhange to operate under CBN’s regulatory oversight, assuring users of compliance with both local and international financial standards.
Other companies, such as Fincra, have recently acquired similar licenses to meet the increasing demand for streamlined remittance services into Nigeria. This regulatory move aligns with Nigeria’s growing focus on harnessing diaspora remittances, which have become a significant source of foreign exchange for the country, often surpassing foreign direct investment.
This milestone for Africhange follows its recent expansion to the UK, where it broadened its service reach to the Nigerian diaspora in Europe. The company’s presence now spans Canada, Australia, and the UK, reinforcing its commitment to seamless cross-border transactions. Africhange’s venture into these markets underscores its ambition to support Nigerian immigrants and strengthen financial ties between diasporas and their homeland.
Africhange is also eyeing venture funding in 2025 to fuel its further growth and expand its service offerings. This plan aligns with the growing interest from investors in Africa’s fintech space, particularly in companies that provide digital remittance solutions to underbanked populations. In a landscape where competition is stiff, Africhange’s innovations, such as lower fees and improved exchange rates, position it well to attract new users and venture capital as it scales its operations.
Africhange’s acquisition of the IMTO license not only advances its mission of providing efficient cross-border remittance services but also sets it on a promising path toward further expansion and innovation in the fintech sector. This move demonstrates how regulatory support and technological innovation can work together to empower financial services that directly benefit the diaspora and local economies in Africa.
