Bamboo Launches Fee-Free Remittance App for Nigerians in Canada
TLDR
- Nigerian wealth management startup Bamboo launches fee-free remittances app "Coins by Bamboo" for transfers from Canada to Nigeria
- App enables secure, low-cost transactions for Nigerians in the diaspora to send money home via mobile devices
- Bamboo's new app aligns with its mission to democratize financial access and supports investments in local communities and charities
Nigerian wealth management startup Bamboo has launched a remittances app, "Coins by Bamboo," enabling fee-free transfers from Canada to Nigeria.
Backed by a Canadian Money Service Business (MSB) license, the app allows secure, low-cost transactions, providing a seamless way for Nigerians in the diaspora to send money home via mobile devices.
Founded in 2019 and a Y Combinator alum, Bamboo initially focused on providing Africans with access to the U.S. stock market. Coins by Bamboo aligns with the startup’s mission to democratize financial access, offering a platform for Africans to invest in their communities by enabling remittances directly to loved ones or charity foundations, including WARIF, Chess2Slums, and Bethesda Home For The Blind.
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Key Takeaways
With Coins by Bamboo, Bamboo leverages its regulatory success in Canada to provide fee-free remittances, reflecting its ethos of empowering Africans to invest in their communities. The app enhances Bamboo’s portfolio of wealth-building tools, offering not only investment opportunities but also a way for users to support family, friends, and charitable causes directly from Canada, furthering Bamboo’s commitment to social impact and financial inclusion.
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