Bamboo has announced the launch of its remittance app, Coins by Bamboo, to ease remittances from Canada into Nigeria.
The investment platform highlighted that the app is backed by the Canadian Money Service Business licence and 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 Y-Combinator-backed company, known for its brokerage services, noted that its new extension reflects its commitment to democratising wealth building and facilitating meaningful investments in local communities.
Richmond Bassey, co-founder and chief executive of Bamboo, said, “Coins is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”
He stated, “This new app further ignites our 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.”
According to the World Bank, remittance flows to Nigeria was $19.5 billion in 2023. Inflows to Sub-Saharan Africa was $54 billion in 2023, and remittances via formal channels are projected to reach $283 billion by 2035.
Remittances are a critical lifeline, supporting everything from education and healthcare to infrastructure development and boosting foreign exchange liquidity. The Central Bank of Nigeria (CBN) recently announced plans to increase monthly remittance through official channels to $1 billion.
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