Coins by Bamboo has launched to offer cheaper remittances to Nigerians in the Diaspora after getting the Canadian Money Service Business licence.
Coins by Bamboo will enable Nigerians in the diaspora to make faster, more secure and cheaper money transfers to loved ones from the convenience of their mobile phones. The new remittance app by Bamboo, the investment platform enabling Africans to invest globally through real-time access to global markets.
In a statement seen by TechMoran, 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 adds that this new app further ignites the firm’s mission to democratise 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.
Founded in 2019, the Y-Combinator-backed company was the first online brokerage service to connect Africans with the US stock market, allowing those across the socioeconomic bracket to buy and trade global stocks on the Bamboo app. Coins by Bamboo is an extension of the brand ethos of Bamboo which is to give Africans the ability to invest in anything from everywhere. With the Canadian MSB licence, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance.
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.
Coins by Bamboo will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.