Africhange's Nigerian subsidiary, Currenzo, has obtained an International Money Transfer Operator license from the Central Bank of Nigeria, enabling direct processing of inbound remittances without intermediaries.
The recent development enables the company to serve Nigeria's substantial remittance market, which accounts for 38% of Sub-Saharan Africa's $54 billion annual remittance volume.
The platform has facilitated over 2 million transactions for 200,000 users across 100 countries since its launch in 2020, plans to make use of the license to establish direct partnerships with Nigerian banks and enhance its settlement capabilities.
This expansion follows the company's recent entry into the UK market and ushers in planned launches in the US and EU regions.
Africhange's growth is in line with Nigeria's push to increase formal remittance channels, as the Central Bank of Nigeria has issued multiple IMTO licenses since May 2023.
Under the CBN's January 2024 guidelines, licensed operators can now set exchange rates at market levels, eliminating previous restrictions that contributed to higher transaction costs. Hence, the IMTO license granted to Africhange could reduce remittance costs for Nigerian immigrants through direct processing capabilities.
