Sendprintan international payments and remittance startup, has acquired Nobel Financial Inc., a US-based global remittance service provider, to further expand its footprint and services to customers in the United States.
With this acquisition, Sendsprint will be able to support money transfers and gifts from customers in 16 US states, including New Jersey, Maryland, Georgiaand more, to recipients in Nigeria, Ghana, Kenyaand other African countries.
About Nobel Financial
Nobel Financial Inc. was founded in 2014 and offers international remittance services from the US to more than 32 countries across Africa, Latin America, Asia and the Middle East.
In addition to money, the company also enables users to send gifts in kind such as bags of rice and other gifts to recipients in Africa.
Because this matters
Remittance flows to Africa have been steadily increasing in recent years, reaching $100 billion in 2022 and exceeding funds received through Official Development Assistance (ODA) and Foreign Direct Investment (FDI).
Remittances from the US to Africa, in particular, have also increased, due to increased immigration, improved economic well-being of Africans in the diaspora, and other factors. However, the cost of sending money to Africa is relatively high compared to other regions, with users paying up to 15% of the amount sent, depending on the gateway and service provider.
About Sendsprint
Sendsprint offers fast, safe and low-cost transportation in Africa, making it easier for more Africans to share the fruits of their labor abroad with their loved ones back home. Transactions are processed quickly, often within 30 minutes, and are protected by advanced security measures, including two-factor authentication (2FA) and real-time transaction tracking.
Sendsprint has also partnered with more than 3,000 retailers operating in Africa – including big names like Shoprite, Dapper Monkey, Jumia and Cake City – to enable users to send gift cards to recipients in Africa.
The company currently operates in Nigeria, Ghana, Kenya, South Africa, and United Kingdomand will now be able to offer its services to users in the United States.
What they say
Commenting on the acquisition, Damisi Busari, CEO and founder of Sendsprint, said: We see tremendous value in Nobel Financial, and that was the result of this acquisition. The US presents a huge opportunity for us as a company and we are excited to bring our unique blend of human-centric technology solutions and a nuanced understanding of Africans to the US market to make this US expansion a remarkable success.”
Between the lines
As part of the acquisition, the Chief Compliance Officer of Nobel Financial Inc, Scott McClain, will join the Sendsprint team as Chief Compliance Officer.
He joins other members of his team who will support Sendsprint’s compliance program in the US. McClain brings over 20 years of experience and an in-depth understanding of the US regulatory environment that will ensure compatible growth as Sendsprint expands its operations to more states in the United States.
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