Global remittance services provider, Africhange, has launched operations in the UK, as part of a move to offer more efficient, cost-effective and reliable solutions for individuals to send and receive money internationally, starting with the UK-Nigeria corridor.
With plans to expand to include Ghana and Kenya in its plans before the turn of the year, Africhange’s new Authorised Payment Institution Licence will underpin the delivery of a range of payment solutions, including remittance services, for UK users.
Remittances from the UK to Africa represent a significant and growing financial flow – more than $8billion was remitted to various countries on the continent in 2023. Recent reports suggest that Nigeria is among the biggest global recipients of remittance from the UK, driven by strong historical ties between both countries, as well as a large and growing Nigerian diaspora in the UK.
However, according to the World Bank, Africa has some of the most expensive remittance corridors in the world, with up to 15 per cent of the overall amount to remit funds to some African countries.
With Africhange, students enrolled in UK universities receive discounted exchange rates on top of the market-leading rates available to the general public.
David Ajala, founder and CEO of Africhange, commented: “Africhange’s entry into the UK market represents a significant milestone in our mission to deliver the best possible global payment experience for Africans in diaspora. Despite the significant inflows of remittance to the continent, the cost of sending money means a significant percentage of those funds don’t get to the recipients and we want to change that.
“We have big plans and we are looking forward to expanding our services, reaching more customers and ensuring that everyone can benefit from seamless and cost-effective international money transfers.”
Supporting global remittance
Africhange is also planning to introduce a loyalty programme (Afripoints) to the UK, enabling users to earn cash rewards for sending or receiving money through the platform. With Afripoints, users can accumulate points for every transaction, which they can withdraw as cash or spend as discounts on transactions. This programme is already available to users in Canada, Australia, and Nigeria, and will soon launch in the UK.
Africhange currently supports remittance services across more than 100 corridors globally, with more corridors across Africa, Europe, Asia and the Americas to come, as well as a broader range of payment and financial services for users.
Africhange leverages its platform to deliver cost-effective and user-friendly global payment experiences for users, enabling them to transfer funds internationally. Users can send money across the world in real-time, with competitive rates ensuring that more money reaches the recipients.
The company supports money transfer services from Canada, Nigeria, Australia and the UK to various countries across the world, with a range of currencies including US Dollars (USD), Canadian Dollars (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), Indian Rupees (INR), Australian dollars (AUD), and British Pound Sterling (GBP).
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