ADVERTISEMENT
TechEconomy
Friday, June 6, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home ยป With IMTO Licence Africhange aims to Streamline Remittance to Nigeria

With IMTO Licence Africhange aims to Streamline Remittance to Nigeria

...New License Strengthens Direct Bank Partnerships, Reducing Costs for the Nigerian Diaspora

Joan Aimuengheuwa by Joan Aimuengheuwa
November 11, 2024
in Fintech
0
IMTO licence and Africhange
David Ajala, CEO Africhange

David Ajala, CEO Africhange

RelatedPosts

Remita at NESA -

Digitalisation Key for Nigeriaโ€™s Economic Advancement, Says โ€˜DeRemi Atandaย 

June 4, 2025

Unity Bank, AfriGo Explore Collaboration to Deepen Access to Electronic Payments

June 2, 2025

Africhange, a leading cross-border remittance service provider, announced today that its Nigerian subsidiary,ย Currenzo, has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria [CBN].

This strategic move significantly improves Africhangeโ€™s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.

Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa. According to theย World Bankโ€™s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the regionโ€™s $54 billion total.

For many Nigerian individuals, these funds are essential for education, healthcare, and daily living, making accessible and cost-effective remittance solutions vital.

With the IMTO licence, Africhange is positioned to deliver a trusted service that improves access to much-needed financial support across borders.

Founded in 2020, Africhange has achieved impressive growth as a fully bootstrapped company, serving over 200,000 users globally and facilitating more than 2 million successful transactions. Operating in over 100 countriesโ€”including Canada, Nigeria, the United Kingdom, and Australiaโ€”Africhange offers an extensive range of currencies and services that simplify international money transfers.

By leveraging advanced technology, the platform minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.

After four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, Africhange is now poised to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.

The new IMTO licence allows Africhange to manage inward remittances directly into Nigeria without relying on intermediaries. By removing third-party involvement, this capability enables partnerships with local banks, streamlining payment processes and lowering costs for customers.

Furthermore, the company can offer better rates and faster services for Africans living on the continent and abroad. Africhange is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.

David Ajala, CEO of Africhange, stated:

โ€œAs an immigrant-founded company, we understand first-hand that sending and receiving money across borders is a key part of daily life for our users, who are immigrants of African descent. Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home. For Africhange, it means weโ€™re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria. Weโ€™re excited about the doors this opens to bring greater impact to the lives of the communities we serve.โ€

With a strong track record of success, Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships.

It also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions. Building on this partnership alongside the IMTO licence.

Tega Gabriel, head of Growth of Africhange, added:

โ€œThis IMTO licence acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators. Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria. As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.โ€

The licence acquisition follows Africhangeโ€™s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings.

Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services.

Loading

Advertisements
MTN ADS

0Shares
Tags: AfrichangeCEO AfrichangeDavid AjalaIMTO licence
Previous Post

Strong Global Demand for UCaaS Sees Telviva Expand its Offering in the UKย 

Next Post

Remita MD Inuaguarated into FintechNGR Governing Council

Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Related Posts

Remita at NESA -
Fintech

Digitalisation Key for Nigeriaโ€™s Economic Advancement, Says โ€˜DeRemi Atandaย 

by Latifat Fashina
June 4, 2025
0

At the 2025 NESA Economic Discourse, held at the University of Lagos, Mr. ‘DeRemi Atanda, managing director of Remita Payment...

Read more
Unity Bank | AfriGO

Unity Bank, AfriGo Explore Collaboration to Deepen Access to Electronic Payments

June 2, 2025
PalmPay Unveils โ€˜Passing the Batonโ€™ CSR Initiative

PalmPay Unveils โ€˜Passing the Batonโ€™ CSR Initiative

May 29, 2025
Interswitch Group at 2025 Africa Soft Power (ASP) Summit in Nairobi, Kenya

How Interswitch Group Deepens Homegrown Innovation

May 29, 2025
SANEF and CIBN

SANEF, CIBN Partner to Expand Agency Banking Certification

May 29, 2025
Access Bank BVN and NRBVN

Access Bank Opens NRBVN Registration for Nigerians in Diaspora

May 26, 2025
Next Post
Remita and Nigeria Fintech Week

Remita MD Inuaguarated into FintechNGR Governing Council

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

ยฉ 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

ยฉ 2025 Techeconomy - Designed by Opimedia.

Translate ยป
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.