Africhange, the cross-border payments company, has announced that its remittance platform, Currenzo, has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN). With this approval, Currenzo aims to ease the remittance process for Nigerians globally, enhancing its current partnerships with three Nigerian banks as it seeks a dedicated settlement partner in Nigeria for secure and efficient transaction handling.
Founded in 2020, Africhange has quickly established itself as a trusted provider in the remittance space, boasting over 200,000 users worldwide and processing more than two million transactions across over 100 countries, including Nigeria, Canada, Australia, and the United Kingdom. Using blockchain technology, Africhange enables low-cost, cross-border transactions tailored to support African immigrants and diaspora communities.
“As an immigrant-founded company, we understand firsthand the importance of convenient, affordable cross-border money transfers for our users,” said David Ajala, CEO of Africhange. “The IMTO licence allows us to offer faster, more affordable solutions for people supporting loved ones back home. For Africhange, this marks the beginning of a new chapter, where we empower individuals and businesses to make direct transactions in Nigeria seamlessly.”
Africhange has been expanding its footprint in the global remittance sector, recently extending its services to the UK and holding licences in Canadian markets, with plans to enter the U.S. and EU regions. This growth underscores the company’s mission to make financial connectivity accessible for diaspora communities.
Meanwhile, the CBN has ramped up regulatory efforts to streamline international money transfers, a critical move to bolster Nigeria’s foreign exchange reserves. Earlier this year, CBN granted preliminary IMTO licences to 14 operators after a reported 6.28% decline in foreign exchange remittances during Q1 2024. In July, the CBN further introduced access to naira liquidity for IMTOs through the official window, aiming to boost remittance flows from Nigerians abroad.
These regulatory changes could significantly enhance diaspora investments, contributing to Nigeria’s economic stability. With remittances to Nigeria accounting for 38% of sub-Saharan Africa’s total inflows in 2023, Africhange’s IMTO licence is well-timed, positioning Currenzo as a key player in this vital sector.
