Africhange launches its low-cost remittance service in the UK

By Gloria Methri

Africhange, a global remittance services provider, has launched its operations in the UK, offering more efficient and cost-effective solutions for individuals to transfer money internationally. With Africhange, students enrolled in UK universities can get discounted exchange rates on top of the market-leading rates available to the public.

Africhange is also planning to introduce its loyalty program (Afripoints), which allows users to earn cash rewards for sending or receiving money through the platform. With Afripoints, users can accumulate points for every transaction, which can be withdrawn as cash or spent as discounts on transactions. This program is already available to users in Canada, Australia, and Nigeria and will soon be launching in the UK.

Africhange currently supports remittance services across more than 100 corridors globally, with more corridors across Africa, Europe, Asia and the Americas to come. It also offers a broader range of payment and financial services for users.

According to David Ajala, the founder and CEO of Africhange, “Our entry into the UK market represents a significant milestone in our mission to deliver the best possible global payment experience for the African diaspora. We have big plans, and we are looking forward to expanding our services, reaching more customers and ensuring that everyone can benefit from seamless and cost-effective international money transfers.”

Remittances from the UK to Africa represent significant cash flow, with more than $8 billion remitted to various countries across the continent in 2023. Reports suggest that Nigeria is among the biggest global recipients of remittance from the UK, driven by strong historical ties between both countries and the growing Nigerian diaspora in the UK. However, according to the World Bank, Africa has some of the most expensive remittance corridors in the world, with up to 15 per cent to remit funds to some African countries.

With Africhange, users can send money across the world in real time, with competitive rates ensuring that more money reaches the recipients. The company supports money transfer services from Canada, Nigeria, Australia and the UK to various countries around the world, with a range of currencies including US Dollars (USD), Canadian Dollars (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), Indian Rupees (INR), Australian dollars (AUD), British Pound Sterling (GBP) and more.