Bamboo, an investment platform enabling Africans to invest globally through real-time access to global markets, has launched a remittance app, “Coins by Bamboo.”
Driving The News
Backed by the Canadian Money Service Business licence, the new remittance app, available on the Google Play and Apple stores for download, will enable Nigerians in the diaspora to make faster, more secure, and cheaper money transfers to loved ones from the convenience of their mobile phones.
The new app will offer competitive rates comparable to their counterparts, in addition to offering customers the unique opportunity to directly donate to a curated list of charities. It will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.
What They’re Saying
Speaking on the announcement, Richmond Bassey, Co-founder and CEO of Bamboo says,
“We are thrilled to officially launch “Coins by Bamboo” to the public. “Coins” is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”
Bassey continues, “We believe that one of the most preferred and important investments of Africans is in other Africans – investing in people and their futures through human capital development; and we want to contribute to making this a seamless process. For us, this new app further ignites our mission to democratise access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”
Between The Lines
Bamboo is also partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums, and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.
The Big Picture
According to the World Bank, remittance flows to sub-Saharan Africa peaked at $54 billion in 2023, and remittance via formal channels is projected to reach $283 billion by 2035.
Yet, SSA continues to have the highest average remittance cost at about 7.9 per cent to every $200 compared to the global average of $5.
Historically, Nigeria dominates the remittance sector, sometimes accounting for up to half of the region’s inflows. With emigration at an all-time high, there remains a growing demand for affordable and accessible digital remittance solutions necessitating the birth of Coins by Bamboo.
