Investment platform Bamboo has launched a remittance app, ‘Coins by Bamboo’, designed to facilitate money transfers for Nigerians in the diaspora.
The app, backed by a Canadian Money Service Business licence, aims to provide a faster and more cost-effective option for sending money home.
In addition to remittances, users can donate to various charitable foundations through the app. Initially available for users in the Nigeria-Canada corridor, Coins by Bamboo seeks to address existing challenges in the remittance market, including high fees and complex transfer processes.
Bamboo, a Y-Combinator-backed company, launched in 2019 as the first online brokerage service to connect Africans with the US stock market, enabling individuals across the socioeconomic spectrum to buy and trade global stocks on the Bamboo app.
After successfully navigating the Canadian vetting process to acquire an MSB licence, Bamboo now offers remittance financial services that adhere to high standards of regulatory and operational compliance.
Democratise access to investment
Richmond Bassey, co-founder and CEO of Bamboo, said: “We are thrilled to officially launch ‘Coins by Bamboo’ to the public. ‘Coins’ is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.
“We believe that one of the most preferred and important investments of Africans is in other Africans – investing in people and their futures through human capital development; and we want to contribute to making this a seamless process.
“For us, 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.”
Bamboo is also partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.
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