Africhange, a Nigerian fintech specialising in cross-border remittances, has reached a significant milestone. The startup’s subsidiary, Currenzo, recently acquired the International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN). This development is another in a long line of fintech solutions to improve how Nigerians in the diaspora send money home.
Founded in 2020, Africhange has already built a global presence, serving over 200,000 users and processing more than two million transactions across 100+ countries. Popular in regions like Canada, the UK, Nigeria, and Australia, the company offers diverse currency options, positioning itself as a major player in international money transfers.
What Does The IMTO Licence Mean for Africhange?
The IMTO licence enables Africhange to bypass third-party intermediaries, allowing direct partnerships with local Nigerian banks. This innovation simplifies payment processes and reduces costs for users. The company also plans to offer competitive rates and faster transactions to cater to Africans globally.
David Ajala, Africhange’s CEO, sees this as a transformative step: “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.”
Ajala emphasised that the licence represents a new chapter for the company, one where individuals and businesses can make seamless, direct transactions.
One More Fintech Service for the African Diaspora
Africhange’s primary users are immigrants of African descent, for whom remittances are a lifeline to support families and communities back home. The IMTO licence restates Africhange’s commitment to giving these communities access to practical, cost-effective solutions.
“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“, Ajala concludes.
