Nigeria’s Africhange, a leading cross-border remittance service provider, has announced its subsidiary Currenzo has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria (CBN).
Founded in 2020, Africhange serves over 200,000 users globally and has facilitated more than two million successful transactions. Operating in over 100 countries – including Canada, Nigeria, the United Kingdom, and Australia – the startup offers an extensive range of currencies and services that simplify international money transfers.
The acquisition of a IMTO licence is a strategic move that significantly improves Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to 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.
“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,” said David Ajala, CEO of Africhange.
“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.”
