New Remittance App by Nigerian Wealth-Tech Bamboo Eases Money Transfers to Nigeria

In a move set to change the face of cross-border money transfers, Nigerian wealth-tech startup Bamboo has launched a new fee-free remittance app called Coins by Bamboo. Founded in 2019, Bamboo initially gained traction as a platform helping Africans to invest in U.S. stocks. Now, its new app, Coins by Bamboo is positioned as a seamless solution for Canadians to send money to Nigeria with ease.

Available on both Google Play and the Apple Store, Coins by Bamboo promises speed, security, and zero fees for users looking to transfer funds to family and friends back home. With a Money Service Business (MSB) licence from Canada, Bamboo is well-positioned to provide financial services that meet rigorous compliance standards, ensuring users can make remittances with confidence.

“Launching Coins is a natural extension of Bamboo’s mission to democratise financial opportunities for Africans. By enabling secure, low-cost transfers, we are investing in Africa’s future by simplifying a crucial financial service for the diaspora,” said Richmond Bassey, Bamboo’s co-founder and CEO.

Beyond Remittances

Beyond simply moving money, Coins by Bamboo is also set to help Nigerians contribute to social causes. Partnering with notable foundations like Women at Risk International Foundation (WARIF), Chess2Slums, and Bethesda Home For The Blind, the app will allow users make donations directly to these organisations.

“We recognise the importance of investing not only in assets but in people. With Coins, we’re connecting the diaspora with impactful causes, helping Nigerians abroad contribute to positive change in their homeland,” Bassey added.

With the launch of Coins by Bamboo, the startup continues to position itself at the forefront of financial innovation in Africa, not only opening up access to international investment markets but also reshaping how Nigerians abroad can give back.

The Future of African Wealth Management

Bamboo’s newest venture remains in line with its broader mission to make wealth creation tools accessible to Africans everywhere. With coins by Bamboo, it is championing a secure, affordable and efficient solution to help the Nigerian diaspora support their families, communities and causes directly from their smartphones.

In other expansion news, ChitChat, which currently operates in six African countries, is also expanding into new markets like US, UK, China, Japan and India to make it easier to send money across borders.