Nigerian wealth management startup Bamboo has launched a fee-free remittances app – Coins By Bamboo – for seamless transactions from Canada to Nigeria.
Founded in 2019 and a Y Combinator alumni, Bamboo is an investment platform that gives Africans the tools to build wealth from the ground up through real-time access to the global markets, with the core of the business being allowing Africans the chance to buy shares from companies in the US stock market.
The startup has now launched a remittances app called “Coins by Bamboo.” Backed by the Canadian Money Service Business licence, the new remittance app, available on the Google Play and Apple stores, 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.
Bamboo said the app was an extension of its brand ethos, which is to give Africans the ability to invest in anything, from everywhere. Having successfully scaled the Canadian vetting process to acquire an MSB licence, the startup is certified to offer remittance financial services to a high standard of regulatory and operational compliance.
“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,” said Richmond Bassey, co-founder and CEO of Bamboo.
“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.”
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.
