Bamboo Launches Fee-Free Remittance App for African Diaspora

Bamboo, a platform that makes it easier for Africans to invest in global stock markets, has introduced a fee-free remittance app, ‘Coins by Bamboo’, facilitating money transfers from the diaspora to Africa.

This app, available on i0S and Android, offers competitive exchange rates and marks Bamboo’s expansion into the remittance sector.

It has diverse key developments that include:

Money Service Busines Licence (MSB)
Bamboo has obtained (MSB) license in Canada which now allows direct transfers from Canada to Nigeria, with plans to expand to more markets in order to reduce time and burden incurred to facilitate transfers between the two countries.

Also Read: AfriTECH 4.0 Gains Key Support to Drive Africa’s Digital Transformation

Potentials in Canada and UK

Due to the huge number of its subscribers in both Canada and United Kingdom (UK), the company considers that, a strong potential to enable its users who have emigrated to these countries, to easily make transfers.

Transfer Challenges

The app, also aims to address challenges associated with complex, high-fee transfers that often discourage
diaspora investments in their home countries.

Also Read: Pebuu Africa Partners Hamilton Telcom To Enhance Digital Services Accessibility in Uganda

Making Donations Easier

Bamboo has, on the other hand, partnered with charitable organizations, enabling users to make direct donations through the Coins app.

Giving Room for Expansion in Africa

The company continues to expand its services, having recently launched in South Africa and ontroduced Nigerian stocks on its platform.