Africhangea global remittance service provider, has launched its operations in the UK, offering more efficient, cost-effective and reliable solutions for people to send and receive money internationally.
Details
Starting with the UK-Nigeria corridor and expanding to include Ghana and Kenya before the end of the year, Africhange’s new authorized payment institution license will support the provision of a range of payment solutions, including remittance services, for UK users Basilio.
With Africhange, students enrolled at UK universities can receive discounted exchange rates beyond the top market rates available to the general public. Africhange also plans 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 can collect points for every transaction, which can be redeemed as cash or spent as discounts on transactions. This program is already available to its users Canada, Australia, and Nigeriaand will soon be released in the UK.
Africhange currently supports remittance services in more than 100 corridors worldwide, with more corridors in Africa, Europe, Asia and the Americas to follow, as well as a wider range of payment and financial services for users.
What they say
According David Ajalathe founder and CEO of Africhange, “Africhange’s entry into the UK market represents a major milestone in our mission to deliver the best possible global payments experience for Africans in the diaspora. Despite significant inflows of remittances to the continent, the cost of sending money means that a significant percentage of these funds do not reach the recipients and we want to change that.
We have big plans and look forward to expanding our services, reaching more customers and ensuring that everyone can benefit from seamless and cost-effective international money transfers.”
By The Numbers
Remittances from the UK to Africa represent a significant and growing financial flow – more than $8 billion was paid to various countries on the continent in 2023.
Recent reports indicate that Nigeria is among the largest global recipients of remittances from the UK, due to the strong historical ties between the two countries, as well as the 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 percent of the total amount to send funds to some African countries.
Users in the UK can access Africhange by downloading the mobile app available on the App Store and Play Store or by visiting the website www.africhange.co.uk.
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