Africhange gets IMTO licence

Cross-border remittance service provider, Africhange has announced that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator licence from the Central Bank of Nigeria.

This was indicated in a statement made available to The PUNCH on Thursday.

The firm said the strategic move significantly improves Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.

Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa.

According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38 per cent of the region’s $54bn total. For many Nigerians, these funds are essential for education, healthcare, and daily living, making accessible and cost-effective remittance solutions vital.

With the IMTO licence, Africhange said it is positioned to deliver a trusted service that improves access to much-needed financial support across borders.

The Chief Executive Officer of Africhange, David Ajala, said, “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.

“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.”

The Head of Growth of Africhange, Tega Gabriel, added: “This IMTO licence acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators.

“Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria. As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.”

Founded in 2020, Africhange said it serves over 200,000 users globally and facilitates more than 2 million successful transactions.

Operating in over 100 countries—including Canada, Nigeria, the United Kingdom, and Australia—Africhange offers an extensive range of currencies and services that simplify international money transfers.

Earlier this year, the CBN said it had granted preliminary approval to 14 new International Money Transfer Operators to boost remittance. In June, it issued fresh guidelines allowing eligible IMTOs to sell foreign exchange on Nigeria’s official window.

This directive is part of CBN’s plan to ensure greater remittance flows through formal channels and improve the efficiency of the foreign exchange market.