Africhange Secures Ghana Licence for International Money Transfers

Africhange has secured an International Money Transfer Operator (IMTO) licence from the Bank of Ghana, allowing the digital remittance company to provide international money transfer services directly in the country.

The licence means Africhange will no longer need to depend on intermediary operators to access Ghana's regulated remittance market. It can now build its own services for customers sending and receiving money through the country, subject to the Bank of Ghana's requirements.

The company said it will focus on transfer costs, exchange rates, transaction delivery and customer support as it prepares its Ghana offering.

Ghana becomes Africhange's latest regulated market

Africhange was founded in 2020 and has expanded its operations across international remittance corridors. The company says it now serves more than 100 countries and has processed millions of transactions.

Ghana follows Nigeria, where Africhange's subsidiary, Currenzo, obtained approval from the Central Bank of Nigeria to handle inbound international remittances.

The two approvals give the company licences in two of West Africa's major remittance markets. In Nigeria, international money transfer operators face requirements covering licensing fees and minimum capital. Africhange has not disclosed the financial requirements attached to its Ghanaian licence.

The company will now compete with banks, mobile money operators and other licensed remittance providers already serving customers in Ghana.

Ghana receives money from citizens and residents living in countries including the United States, United Kingdom and across Europe. Recipients use the funds for household expenses, school fees, healthcare and business activities.

The World Bank estimated that Sub-Saharan Africa received about $54 billion in remittances in 2023, with Nigeria accounting for around 38% of the total.

For money transfer companies, the market is highly sensitive to fees and exchange rates. Customers also consider how quickly transfers arrive and how easily they can access the money. Africhange will therefore enter a market where established providers already compete on the same factors.

Service rollout still to come

Africhange founder and CEO David Ajala said the company wants to make sending money to and from Ghana simpler and more affordable for people with family and business connections outside the country.

The company has not yet announced the full list of transfer routes or when its Ghana services will become available to customers. It is expected to release those details through its official channels.

For now, the Bank of Ghana approval gives Africhange permission to operate in the country's international remittance market. The company's next task is turning the licence into a live service and attracting customers in a market that already has several established providers.