Africhange, a leading cross-border remittance service, announced that its Nigerian subsidiary, Currenzo, has received the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This license allows Africhange to directly manage inward remittances, bypassing intermediaries and enabling cost-effective and faster money transfers for Nigerian immigrants and diaspora communities. The company aims to improve the accessibility and affordability of remittance services, a vital financial lifeline for many Nigerians.
Founded in 2020, Africhange has rapidly grown, serving over 200,000 users globally and facilitating more than 2 million transactions. Operating in over 100 countries, the company offers a wide range of services that simplify international money transfers. With the IMTO license, Africhange can now offer better rates and faster services for Nigerians and their families, enhancing the remittance experience for Africans worldwide.
The company’s CEO, David Ajala, emphasized the importance of this move, noting that the IMTO license would empower Africhange to strengthen its partnerships with Nigerian banks, streamline payment processes, and improve the speed of transactions. Africhange’s focus on high compliance standards and leveraging advanced technology positions the company to expand rapidly, supporting the financial needs of the global diaspora.