Weekly Newsletter

10 July 2024

Weekly Newsletter

10 July 2024

Africhange launches in the UK

Africhange will start with the UK-Nigeria corridor and expanding to include Ghana and Kenya before the end of the year

Robert Prendergast July 09 2024

Africhange, a global remittance services provider, has launched its operations in the UK, offering more efficient, cost-effective and reliable solutions for individuals to send and receive money internationally.

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 Licence will underpin the delivery of a range of payment solutions, including remittance services, for UK users.

With Africhange, students enrolled in UK universities can get discounted exchange rates on top of the market-leading rates available to the general public. Africhange is 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With Afripoints, users are able to accumulate points for every transaction, which can be withdrawn as cash or spent as discounts on transactions.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.

Africhange currently supports remittance services across more than 100 corridors globally

On top of this, Africhange has more corridors across Africa, Europe, Asia and the Americas to come, as well as a broader range of payment and financial services for users. 

David Ajala, founder and CEO of Africhange, said: “Africhange’s entry into the UK market represents a significant milestone in our mission to deliver the best possible global payments 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.”

Remittances from the UK to Africa represent a significant and growing financial flow more than $8bn 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% of the overall amount to remit funds to some African countries.

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