Banking
Africhange’s Currenzo Gets IMTO Licence from CBN for Remittances
By Adedapo Adesanya
With Nigeria being one of the hotspots for remittances, many businesses are pivoting to serve this need with Africhange, a leading cross-border remittance service provider, joining the fray.
The company on Thursday announced that its Nigerian subsidiary, Currenzo, has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN).
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.
Recall that to tackle the foreign exchange decline, the CBN restructured the IMTO license landscape by setting a N10 million fee for local operators and $1 million for foreign companies. Companies pivoting into this know that remittances are an important business opportunities as these funds are essential for education, healthcare, and daily living, so making accessible and cost-effective remittance solutions vital.
With its new license, Africhange, in a statement, noted that it will significantly improve the facilitating of inward remittances for immigrants and diaspora communities sending money to Nigeria.
The licence acquisition follows Africhange’s recent expansion to the United Kingdom and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings.
Founded in 2020, Africhange by leveraging advanced technology has minimised the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.
The new IMTO licence allows Africhange to manage inward remittances directly into Nigeria without relying on intermediaries. By removing third-party involvement, this capability enables partnerships with local banks, streamlining payment processes and lowering costs for customers.
Speaking on the development, Mr 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.”
Adding his input, Mr 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.”
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 company also wants to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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