Bamboo, a leading investment platform empowering Africans with real-time access to global markets, has launched a new remittance app, “Coins by Bamboo.” Available for download on Google Play and the Apple App Store, this remittance app is designed to make money transfers faster, more secure, and cost-effective for Nigerians in the diaspora, starting with users in Canada.
With a Canadian Money Service Business license backing it, Coins by Bamboo offers a user-friendly and competitive remittance option, promising lower fees than traditional methods. As part of the app’s unique feature set, users can also directly donate to selected charities through the platform, adding a social impact element to remittance.
Key Highlights of Coins by Bamboo
Secure, Convenient Transfers for Nigerians Abroad
Coins by Bamboo allows Nigerians in Canada to send money seamlessly to their loved ones back home. By offering competitive exchange rates and low transfer fees, Bamboo hopes to address a major pain point in the remittance sector. CEO and Co-founder of Bamboo, Richmond Bassey, highlights that the app’s mission aligns with Bamboo’s larger vision: to create opportunities for Africans to support each other’s futures and contribute to human capital development.
“Coins by Bamboo is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy,” says Bassey. “One of the most preferred and important investments of Africans is in other Africans. For us, this new app further ignites our mission to democratise access to investment opportunities for Africans by fostering social impact.”
Philanthropy Made Easy: Direct Donations to Charitable Causes
In a groundbreaking addition, Coins by Bamboo integrates charitable donations, enabling Nigerians abroad to support impactful causes back home. Bamboo has partnered with well-respected organizations such as the Women at Risk International Foundation (WARIF), Chess2Slums, and Bethesda Home For The Blind. This feature allows users to contribute directly to charities, empowering them to make a difference in areas they care about.
The Remittance Landscape: Why Coins by Bamboo is Timely
Demand for Affordable Digital Remittance Solutions
The World Bank reported that remittances to Sub-Saharan Africa (SSA) reached $54 billion in 2023, with projections indicating an increase to $283 billion by 2035. Despite the substantial inflow, SSA continues to face the highest remittance costs globally, averaging 7.9% per $200 transfer, significantly higher than the 5% global average.
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Nigeria stands as the largest recipient in the region, often accounting for half of SSA’s remittance flows. With the rising tide of emigration, there is growing demand for remittance solutions that are not only affordable but also highly accessible and reliable. Coins by Bamboo aims to address these needs by creating a robust digital platform that can potentially reduce financial strain on users while enabling them to contribute to causes back home.
What’s Next for Coins by Bamboo?
Currently, the app focuses on the Nigeria-Canada corridor but plans to expand to include the United Kingdom. As Bamboo continues to grow its reach, its foray into remittances is set to bolster its reputation as a versatile platform catering to Africans’ financial needs.
Through Coins by Bamboo, it continues to break new ground in providing a reliable and meaningful solution that merges investment with social impact, delivering value to its users and the communities they care about most.
