Currenzo, the Nigerian subsidiary of cross-border remittance provider Africhange, has received the Central Bank of Nigeria’s (CBN) International Money Transfer Operator (IMTO) license.
This crucial license enables Africhange to process remittances directly into Nigeria, making transactions faster and cheaper for Nigerians at home and abroad.
Why it matters
Nigeria ranks as one of the largest remittance recipients in Sub-Saharan Africa, with inflows reaching 38% of the region’s $54 billion in 2023, according to the World Bank.
These remittances are vital, often supporting essential expenses like education, healthcare, and daily living for many Nigerian families.
By the numbers
- 200,000+ users globally rely on Africhange.
- 2 million transactions completed across 100+ countries.
- Significant partnerships with three Nigerian banks ensure smoother transaction flows.
What they’re saying
- David Ajala, CEO of Africhange: “Securing the IMTO license means a faster, more affordable way for people to support loved ones back home. For Africhange, it’s a leap toward empowering individuals and businesses with direct, seamless transactions in Nigeria.”
- Tega Gabriel, Head of Growth: “Direct partnerships with Nigerian banks speed up transactions and enhance our user experience, supporting our vision of accessible financial services for the global diaspora.”
The big picture
Africhange, founded in 2020, has bootstrapped its way to impressive growth, operating in Canada, Nigeria, the UK, and Australia.
With the IMTO license, Africhange eliminates third-party fees, lowering transaction costs and making remittances more efficient.
What’s next
Building on recent expansions to the UK, Africhange plans to enter the US and EU markets, further scaling its presence and reinforcing its role in the global remittance space.
