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Cross-border remittance service provider, Africhange, has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria [CBN]. The company made the announcement in a statement seen by Technext. According to the statement, the IMTO was obtained via its Nigerian subsidiary, Currenzo.
According to the company, the move is a strategic one which significantly improves its ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.
Speaking about the development, the founder and CEO of Africhange, David Ajala, noted that as an immigrant, he understands how important cross-border transactions are to immigrants of African descent.
“As 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,” he said.
Explaining what this means for Africhange, the CEO said obtaining an IMTO licence means they are stepping into a new era where they can empower both individuals and businesses to make seamless, direct transactions in Nigeria. He also expressed excitement about the opportunities the development opens to bring greater impact to the lives of the communities they serve.
Founded in 2020 by Canadian immigrant, David Ajala, Africhange is a cross-border remittance service provider which helps African immigrants remit funds back to their home countries. Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa. According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the region’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.
Africhange believes the new IMTO licence allows it 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. The company assured that it is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.
Africhange currently operates in over 100 countries including Canada, Nigeria, the United Kingdom, and Australia. The remittance platform offers an extensive range of currencies and services that simplify international money transfers. By leveraging advanced technology, the company minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.
A fully bootstrapped company, Africhange has achieved impressive growth in the four years of its existence. The company says it currently serves over 200,000 users globally, facilitating more than 2 million successful transactions.
Now, after four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, the company says it is poised to raise funds in 2025 to fuel its rapid expansion and bring its impactful solutions to even more users worldwide.
Speaking about the IMTO licence obtained, Head of Growth, Tega Gabriel noted that the 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,” he said.
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.
The licence acquisition follows the company’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.
Trending story: Bolt driver assaulter, Hon Alex Ikwechegh to sponsor national e-hailing bill- AUATON says
The post Africhange secures IMTO licence in Nigeria, eyes venture funding in 2025 first appeared on Technext.
According to the company, the move is a strategic one which significantly improves its ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.
Speaking about the development, the founder and CEO of Africhange, David Ajala, noted that as an immigrant, he understands how important cross-border transactions are to immigrants of African descent.
“As 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,” he said.
Explaining what this means for Africhange, the CEO said obtaining an IMTO licence means they are stepping into a new era where they can empower both individuals and businesses to make seamless, direct transactions in Nigeria. He also expressed excitement about the opportunities the development opens to bring greater impact to the lives of the communities they serve.
Africhange to seek venture funding after IMTO licence
Founded in 2020 by Canadian immigrant, David Ajala, Africhange is a cross-border remittance service provider which helps African immigrants remit funds back to their home countries. Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa. According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the region’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.
Africhange believes the new IMTO licence allows it 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. The company assured that it is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.
Africhange currently operates in over 100 countries including Canada, Nigeria, the United Kingdom, and Australia. The remittance platform offers an extensive range of currencies and services that simplify international money transfers. By leveraging advanced technology, the company minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.
A fully bootstrapped company, Africhange has achieved impressive growth in the four years of its existence. The company says it currently serves over 200,000 users globally, facilitating more than 2 million successful transactions.
Now, after four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, the company says it is poised to raise funds in 2025 to fuel its rapid expansion and bring its impactful solutions to even more users worldwide.
Speaking about the IMTO licence obtained, Head of Growth, Tega Gabriel noted that the 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,” he said.
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.
The licence acquisition follows the company’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.
Trending story: Bolt driver assaulter, Hon Alex Ikwechegh to sponsor national e-hailing bill- AUATON says
The post Africhange secures IMTO licence in Nigeria, eyes venture funding in 2025 first appeared on Technext.