Africhange, a leading cross-border remittance service provider, announced on Thursday that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria (CBN).

In a press release, the company said the strategic move significantly improves its ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.

The statement said: “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 $54 billion total.

“For many Nigerian individuals, these funds are essential for education, healthcare, and daily living, making accessible and costeffective remittance solutions vital.

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

“Founded in 2020, Africhange has achieved impressive growth as a fully bootstrapped company, serving over 200,000 users globally and facilitating more than 2 million suc – cessful transactions.

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