The Central Bank of Nigeria (CBN) has licensed Currenzo, the Nigerian subsidiary of Africhange, a cross-border remittance service provider, as an International Money Transfer Operator (IMTO) licence.
According to Africhange, the IMTO license significantly improves its ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria. Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa.
The World Bank’s Migration and Development Brief note that in 2023 alone, remittance to Nigeria accounted for 38 per cent 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 said it is positioned to deliver a trusted service that improves access to much-needed financial support across borders. The new IMTO license allows Africhange 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. Africhange is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.
CEO of Africhange, David Ajala said, “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.
“For Africhange, it means we’re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria. We’re excited about the doors this opens to bring greater impact to the lives of the communities we serve.”
Head of Growth of Africhange, Tega Gabriel, added that, “this IMTO 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.”
The licence acquisition follows Africhange’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.
