Bamboo, the innovative investment platform empowering Africans to invest globally, has taken another significant step by launching its new remittance app, “Coins by Bamboo.”

This strategic move marks a significant expansion for Bamboo, enabling Nigerians in the diaspora to send money home faster, more securely, and at a lower cost. The app, now available on both iOS and Android, leverages the company’s Canadian Money Service Business license to offer a seamless and reliable remittance experience.

Richmond Bassey, Co-founder and CEO of Bamboo, expressed the company’s commitment to providing Africans with a comprehensive suite of financial services. “We believe that one of the most important investments Africans make is in their communities and families. With Coins by Bamboo, we’re making it easier and more affordable for Nigerians in the diaspora to support their loved ones back home,” he stated.

A Growing Market

The remittance industry in Africa is a significant economic driver. According to the World Bank, remittance flows to Sub-Saharan Africa peaked at $54 billion in 2023. However, the region continues to face high remittance costs, averaging around 7.9% per $200.

Bamboo’s entry into the remittance market aims to disrupt the industry by offering competitive rates and a user-friendly platform. By partnering with charitable organizations like WARIF, Chess2Slums, and Bethesda Home For The Blind, Bamboo is also enabling diaspora communities to give back to their home countries.

A Future-Focused Vision

Bamboo’s expansion into remittances aligns with its broader mission to democratize finance and empower individuals. By offering a range of financial services, including investments and remittances, Bamboo is positioning itself as a one-stop shop for Africans looking to manage their money effectively.

As Bamboo continues to innovate and expand its services, it is well-positioned to shape the future of finance in Africa.