Bamboo, an investing platform that allows Africans to invest abroad with real-time access to global markets, has announced the debut of its remittance app, “Coins by Bamboo.”
The new remittance software, available for download is backed by the Canadian Money Service Business license and now allows Nigerians in the diaspora to make faster, more secure, and cheaper money transfers to loved ones from the convenience of their mobile phones.
The Y-Combinator-backed startup was created in 2019 as the first online brokerage service to connect Africans with the US stock market, allowing consumers from all socioeconomic backgrounds to buy and trade worldwide stocks via the Bamboo app.
Coins by Bamboo is an extension of Bamboo’s brand principle of allowing Africans to invest in anything from anywhere. This demonstrates the company’s dedication to democratizing wealth creation and investing in local communities and Africa’s future.
A fee-free app for seamless transactions from Canada to Nigeria
Having successfully scaled the Canadian vetting process to acquire an MSB license, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance. The company is also able to take advantage of lessons it’s learned connecting Africans with global asset classes to bring cost savings that are crucial for the millennials and Gen-Z who have migrated to Canada over the last ten years but still maintain strong ties to their home country.
Speaking on the announcement, Richmond Bassey, co-founder and CEO of Bamboo, says, “We are thrilled to officially launch “Coins by Bamboo” to the public. “Coins” is a logical evolution of our core values—providing an opportunity for Africans to participate in the global investment economy.”
Bassey continues, “We believe that one of the most preferred and important investments of Africans is in other Africans—investing in people and their futures through human capital development, and we want to contribute to making this a seamless process. For us, this new app further ignites our mission to democratize access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”
Empower Nigerians in Diaspora with Affordable Remittances
Bamboo is also partnering with several charitable foundations, including Women at Risk International Foundation (WARIF), Chess2Slums, and Bethesda Home For The Blind, to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.
According to the World Bank, remittance flows to sub-Saharan Africa peaked at $54 billion in 2023, and remittance via formal channels is projected to reach $283 billion by 2035. Yet, SSA continues to have the highest average remittance cost at about 7.9 per cent to every $200 compared to the global average of $5.
Nigeria’s remittance sector is dominated by the country, accounting for up to half of its inflows. With emigration at an all-time high, there’s a growing demand for affordable digital remittance solutions. Coins by Bamboo, a new app, will offer competitive rates and allow customers to donate directly to a curated list of charities. It will initially be available in the Nigeria-Canada corridor.
For many in Africa, the remittance industry is a crucial lifeline. By addressing the high fees and complex transfer processes, Coins by Bamboo is offering a more streamlined and cost-effective alternative that benefits both senders and recipients.The post Bamboo Unveils Remittance App for Global Investment Access first appeared on IT News Africa | Business Technology, Telecoms and Startup News.