Can Coins by Bamboo Revolutionize Remittances for Nigerians Abroad?

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Diaspora (Commonwealth Union) _ Bamboo, a pioneering African investment platform, has expanded its offerings with the launch of Coins by Bamboo, a remittance app tailored for Nigerians in the diaspora. Backed by a Canadian Money Service Business (MSB) license, this new app offers an efficient and cost-effective method for sending money directly to Nigeria from mobile devices. Accessible on both Google Play and Apple’s App Store, Coins by Bamboo allows for faster, cheaper, and more secure money transfers, meeting the growing demand for streamlined financial solutions.

Founded in 2019 and backed by Y-Combinator, Bamboo initially focused on connecting Africans with U.S. stock markets, democratizing wealth-building through global investment opportunities. With Coins, Bamboo is extending its mission, offering Africans new ways to support their families and communities, helping to build wealth not only through investment but also through seamless remittances. CEO Richmond Bassey emphasizes the app’s importance, stating, “Coins is a natural progression of our core values—enabling Africans to contribute to the futures of their loved ones back home while also engaging in global markets.”

The app’s rollout comes as remittance flows to sub-Saharan Africa reached a historic $54 billion in 2023, with Nigeria leading the charge as a major recipient. However, the high costs of remittance fees, which average nearly 8% per $200 transaction in sub-Saharan Africa, continue to put a strain on many. Coins by Bamboo addresses this pain point by offering competitive rates, reducing the financial burden on senders and recipients.

In addition to remittances, Coins supports a philanthropic aspect, allowing users to donate to Nigerian charities such as Women at Risk International Foundation (WARIF), Chess2Slums, and Bethesda Home for the Blind. This feature offers diasporic Nigerians a unique way to support critical social causes in their home country.

Initially available for transfers between Canada and Nigeria, Bamboo aims to expand Coins to include the United Kingdom, offering an even broader range of Africans the chance to invest in their communities through a single, easy-to-use platform. The World Bank projects that formal remittance channels to sub-Saharan Africa will reach $283 billion by 2035, highlighting the crucial role affordable digital remittance solutions will play in bolstering family networks and local economies.

Through Coins by Bamboo, the platform solidifies its commitment to fostering socio-economic resilience across Africa. This app not only eases the financial journey for Africans abroad but also reinforces Bamboo’s vision of creating accessible, impactful financial tools.

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