The Central Bank of Nigeria (CBN) has granted Currenzo, a subsidiary of Africhange, an international money transfer operator (IMTO) license. This allows them to process transfers directly to Nigeria without intermediaries, offering faster and more favorable rates.
Currenzo can partner with local banks to improve payment efficiency and has already partnered with three of them. Africhange serves over 200,000 users and has completed over 2 million transactions in 100 countries.
The company’s CEO, David Ajala, noted that the IMTO license will allow affordable ways to send money, enhancing the lives of customers. In July 2024, the CBN also granted IMTOs access to liquidity in naira at the official rate, potentially increasing remittance volumes from the diaspora, which constituted 38% of Sub-Saharan Africa's total flow in 2023.
