Sylvia Duruson
Africhange, a leading global remittance services provider, has made its appearance in the United Kingdom, introducing a suite of efficient and cost-effective international money transfer solutions. The company’s expansion into the UK market marks a significant step in its mission to revolutionize cross-border financial transactions.
Initially focusing on the UK-Nigeria corridor, Africhange plans to extend its services to Ghana and Kenya by year-end. The company’s newly acquired Authorised Payment Institution License will enable it to offer a comprehensive range of payment solutions to UK users, with a primary focus on remittance services.
One of Africhange’s standout features is its special offering for students enrolled in UK universities. These students can enjoy discounted exchange rates on top of the already competitive market-leading rates available to the general public. This initiative aims to ease the financial burden on international students studying in the UK.
In addition to its core services, Africhange is set to introduce its innovative loyalty program, Afripoints, to the UK market. This program, already popular in Canada, Australia, and Nigeria, allows users to earn cash rewards for their transactions. Users accumulate points with each money transfer, which can be withdrawn as cash or used as discounts on future transactions.
Currently, Africhange supports remittance services across more than 100 global corridors. The company has ambitious plans to expand its reach, adding more corridors across Africa, Europe, Asia, and the Americas. Furthermore, Africhange aims to broaden its range of payment and financial services for users.
David Ajala, the founder and CEO of Africhange, emphasized the significance of the company’s entry into the UK market. He highlighted the company’s commitment to improving the global payments experience for the African diaspora. Ajala pointed out that despite significant remittance inflows to the continent, high transfer costs often result in a substantial portion of funds not reaching the intended recipients.
The UK-Africa remittance corridor represents a significant financial flow, with over $8 billion remitted to various African countries in 2023. Nigeria stands out as one of the largest recipients of remittances from the UK, driven by strong historical ties and a growing Nigerian diaspora in the country.
However, according to World Bank reports, Africa has some of the most expensive remittance corridors globally. In some cases, fees can reach up to 15 percent of the total amount being transferred to certain African countries.
Africhange aims to address this issue by leveraging its innovative platform to deliver seamless, cost-effective, and user-friendly global payment experiences. The company enables users to transfer funds internationally in real-time, offering competitive rates to ensure that more money reaches the recipients.
The company’s services currently support money transfers from Canada, Nigeria, Australia, and the UK to various countries worldwide. Africhange accommodates a wide range of currencies, including US Dollars, Canadian Dollars, Chinese Yen, Nigerian Naira, Kenyan Shillings, Ghanaian Cedis, Indian Rupees, Australian Dollars, and British Pound Sterling, among others.
As Africhange continues to expand its global footprint, it remains committed to its core mission of making international money transfers more accessible, affordable, and efficient for users around the world.
