Africhange, a Nigerian remittance services provider, has launched its UK operations, aiming to enhance efficiency, cost-effectiveness, and reliability in international money transfers.
According to the firm, its new Authorised Payment Institution license will support various payment solutions, initially focusing on the UK-Nigeria corridor and expanding to Ghana and Kenya by year-end.
“With Africhange, students enrolled in UK universities can get discounted exchange rates on top of the market-leading rates available to the general public,” the firm highlighted in a statement.
The founder and Chief Executive Officer of Africhange, David Ajala, noted, “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 the diaspora.
Despite the significant inflows of remittances 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.”
Africhange further disclosed that it was also planning to introduce its innovative loyalty program (Afripoints), which allows users to earn cash rewards for sending or receiving money through the platform.
“With Afripoints, users are able to accumulate points for every transaction, which can be withdrawn as cash or spent as discounts on transactions. This program is already available to users in Canada, Australia, and Nigeria, and will soon be launching in the UK,” it said.
Recent reports suggested that Nigeria was among the biggest global recipients of remittances 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.
https://punchng.com/africhange-expands-operations-to-uk/
