Nigerian-owned startup Sendsprint has acquired Nobel Financial Inc., a US-based global remittance service provider, to expand its footprint and services to customers in the United States.
With this acquisition, the remittance startup will be able to support money transfers and gifting from customers in 16 US states, including New Jersey, Maryland, Georgia, and more, to recipients in Nigeria, Ghana, Kenya, and other African countries.
Damisi Busari, chief executive officer and founder of Sendsprint said, “We see immense value in Nobel Financial, and that was what this acquisition was borne out of. The US presents a massive opportunity for us as a company and we are excited to bring our unique blend of people-focused technology solutions and nuanced understanding of Africans in the US market to make this expansion into the US a remarkable success.”
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Remittance flows to Sub-Saharan Africa reached $54 billion in 2023. According to the World Bank, remittance has outpaced Foreign Direct Investment and Official Development Assistance and will widen in the coming years due to migration.
However, sending $200 to the region costs an average of 7.9 percent, making it one of the most expensive regions in the world. According to Sendsprint, it enables fast, secure, low-cost transfers into Africa.
Its acquisition of Nobel Financial Inc., founded in 2014, aims to tap into the latter international remittance services from the USA to over 32 countries across Africa, Latin America, Asia and the Middle East.
