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Africhange, through its remittance platform Currenzo, has secured an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN), marking a significant milestone in its mission to simplify remittances for Nigerians. While Currenzo has already established partnerships with three Nigerian banks, Africhange is now actively seeking a reliable settlement partner within Nigeria to further streamline secure transaction processes.
Founded in 2020, Africhange has quickly expanded its reach, now serving over 200,000 users globally and facilitating more than 2 million transactions across 100+ countries. The platform operates in key markets such as Nigeria, Canada, Australia, and the UK, offering a broad range of currency options for seamless international transfers. Leveraging blockchain technology, Africhange provides low-cost, efficient cross-border transactions tailored to support African diaspora communities.
Africhange’s CEO, David Ajala, emphasized the importance of the new IMTO license, saying, “As an immigrant-founded company, we understand the critical role that cross-border transactions play in daily life for our users, who are immigrants of African descent. Securing this license allows us to offer a faster, more affordable way for people to support their loved ones back home. This is a new era for Africhange, empowering both individuals and businesses to make direct, seamless transactions in Nigeria, enhancing the impact on the communities we serve.”
In July 2024, Africhange expanded into the UK and is now planning entry into the U.S. and EU markets, bolstered by its regulatory approvals in Canada. This strategic expansion further solidifies Africhange’s position within the remittance industry.
Meanwhile, the CBN has been proactive in regulating and boosting remittance flows, which are vital to Nigeria’s foreign exchange reserves. In May 2024, CBN granted preliminary approval to 14 additional IMTOs, responding to a 6.28% decline in foreign remittances in Q1 2024. It also increased IMTO license application fees to ₦10 million for local operators and $1 million for foreign firms to strengthen regulatory standards.
In a July 2024 circular, CBN granted IMTOs access to naira liquidity through the official exchange window, a strategic measure aimed at encouraging remittances from the diaspora. Given that remittance to Nigeria accounted for 38% of sub-Saharan Africa’s total flow in 2023, the new regulatory support is expected to enhance diaspora investments and contribute to Nigeria’s economic growth.
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