The Central Bank of Nigeria (CBN) has granted an International Money Transfer Operator (IMTO) license to Currenzo, the Nigerian arm of global fintech company Africhange. This strategic license will enable Currenzo to facilitate direct remittances into Nigeria, aiming to provide Nigerians both at home and abroad with faster, more affordable transfer services.
With this IMTO license, Currenzo can now collaborate closely with Nigerian banks, simplifying payment processes and enhancing cost efficiency. Since its founding in 2020, Africhange has become a key player in cross-border financial services, completing over 2 million transactions across more than 100 countries, including Canada, the UK, Australia, and Nigeria.
Africhange's use of blockchain technology helps to minimize fees and speed up money transfers, making remittances more accessible. Africhange CEO David Ajala highlighted the importance of this license, particularly for Nigerians in the diaspora who depend on cost-effective solutions to support loved ones back home. With this approval, Currenzo aims to provide a more streamlined and reliable remittance experience for its users.
David Ajala, CEO of Africhange, stated: “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.”
With a strong track record of success, Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships. It also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions. Building on this partnership alongside the IMTO licence.
Tega Gabriel, Head of Growth of Africhange, 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.”
The licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings. Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services.
The approval aligns with the CBN’s recent efforts to boost foreign remittance flows, an essential contributor to Nigeria's foreign exchange reserves. By increasing IMTO licenses and providing naira liquidity access to licensed operators, the CBN hopes to encourage greater remittance inflows, which made up 38% of sub-Saharan Africa's total remittances in 2023. These measures are designed to enhance foreign investment and strengthen Nigeria's economic resilience.
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