Bamboo Launches ‘Coins by Bamboo’ Remittance App for Nigerians Abroad

Funding platform Bamboo has launched a remittance app, ‘Cash by Bamboo’, designed to facilitate cash transfers for Nigerians within the diaspora.

The app, backed by a Canadian Cash Service Enterprise licence, goals to supply a quicker and cheaper choice for sending cash house.

Along with remittances, customers can donate to numerous charitable foundations by means of the app. Initially out there for customers within the Nigeria-Canada hall, Cash by Bamboo seeks to deal with present challenges within the remittance market, together with excessive charges and sophisticated switch processes.

Bamboo, a Y-Combinator-backed firm, launched in 2019 as the primary on-line brokerage service to attach Africans with the US inventory market, enabling people throughout the socioeconomic spectrum to purchase and commerce international shares on the Bamboo app.

After efficiently navigating the Canadian vetting course of to accumulate an MSB licence, Bamboo now presents remittance monetary providers that adhere to excessive requirements of regulatory and operational compliance.

Democratise entry to funding

Richmond Bassey, co-founder and CEO of Bamboo, mentioned: “We’re thrilled to formally launch ‘Cash by Bamboo’ to the general public. ‘Cash’ is a logical evolution of our core values – offering a chance for Africans to take part within the international funding financial system.

“We imagine that some of the most popular and vital investments of Africans is in different Africans – investing in folks and their futures by means of human capital improvement; and we wish to contribute to creating this a seamless course of.

“For us, this new app additional ignites our mission to democratise entry to funding alternatives for Africans by fostering social affect and alternatives to put money into the wellbeing of those that matter essentially the most to them.”

Bamboo can also be partnering with a number of charitable foundations together with Ladies at Danger Worldwide Basis (WARIF), Chess2Slums and Bethesda Dwelling For The Blind to make it simpler for Nigerians within the diaspora to donate to causes and initiatives that they care about.