Nigeria-based remittance startup Africhange expands to UK
TLDR
- Africhange launches remittance services in the UK for Canada-Nigeria-Australia corridors, promising low fees, fast payments, and great customer service.
- New Authorised Payment Institution License will support expansion to Ghana and Kenya, enhancing payment solutions for UK users.
- Keywords: Africhange, remittance services, UK, low fees, fast payments, customer service, Authorised Payment Institution License, Ghana, Kenya.
Nigeria’s Africhange, a remittance services provider, has launched operations in the United Kingdom (UK) to help users send money across borders, particularly between Canada, Nigeria, and Australia.
Founded to improve the remittance experience for immigrants, Africhange claims to offer little-to-no transaction fees, speedy payment settlements, and excellent customer service.
Starting with the UK-Nigeria corridor, and expanding to include Ghana and Kenya before the end of the year, Africhange’s new Authorised Payment Institution License will underpin the delivery of a range of payment solutions, including remittance services, for UK users.
Key Takeaways
Remittances are crucial to many African economies, significantly contributing to their GDP. The total value of remittances in Africa reached nearly $100 billion, with $20 billion being intra-Africa flows. Despite their importance, the cost of sending money to Africa remains high, averaging 7.39% in Q3 2023 to send $200, above the global average. Factors contributing to these high costs include limited competition, regulatory barriers, and underdeveloped financial infrastructure. Those gaps are what startups like Africhange and more are looking to address. The formal African remittance market, valued at $100 billion in 2022, could potentially reach $283 billion by 2035, with the total Sub-Saharan remittance market possibly hitting $500 billion.
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