Bamboo, a Nigerian investment platform empowering Africans with global investment access, has announced its expansion into remittance with the launch of its new app, “Coins by Bamboo”.
This new product marks the company’s first step beyond its primary investment business into facilitating cross-border transfers, providing seamless fee-free transfers and competitive exchange rates for Africans to send money internationally.
Now available both on Google PlayStore and AppleStore, the “Coins by Bamboo” app allows Nigerians in the diaspora to make fast, secure, and low-cost money transfers to loved ones directly from their mobile phones. The remittance service is licensed under the Canadian Money Service Business, underscoring Bamboo’s commitment to regulatory compliance and secure transactions.
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Speaking on the launch, Co-founder and CEO of Bamboo, Richmond Bassey, expressed excitement about the launch of the product to the public, stating that it is a logical evolution of its core values. According to him, these values revolve around providing an opportunity for Africans to participate in the global investment economy.
In his words,
“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 democratize access to investment opportunities for Africans by fostering social impact and opportunities to invest in the well-being of those who matter the most to them”.
Bamboo’s recent launch of “Coins by Bamboo”, is coming after the investment platform expanded operations to South Africa in June 2024, marking an entry into its third African market.
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo provides both retail investors and institutions real-time access to the US stock market, other global capital markets, and investment products that provide real, inflation-adjusted returns.
Also, the platform offers customers the necessary resources for selecting stocks and exchange-traded funds (ETFs) to reach their investment goals.
Bamboo’s products include;
Stocks
This enables customers to discover US publicly listed companies to invest in. Customers can get unrestricted access to the U.S. stock market right from their mobile phones or computers.
For Institutions
This enables institutions to build or integrate their applications with Bamboo’s suite of products or use the platform’s trading tool for managers and brokers. Also, this will enable them to give their clients more access to buy stocks, seamlessly manage portfolios, and access research and powerful reports.
With the recent launch of Coins by Bamboo, the platform now seeks to bridge the gap in Africa’s remittance industry, which remains a vital economic channel. According to the World Bank, remittance flows to sub-Saharan Africa reached $54 billion in 2023 and are projected to increase significantly by 2035.
With competitive transfer rates and an option to donate directly to curated charities, Bamboo aims to lower costs and streamline remittance processes. Coins by Bamboo promises to deliver a more affordable, convenient, and impactful way for Africans to stay connected financially with their communities.