- Bamboo, a platform that enables Africans to invest in the global stock market, has launched a remittance app, ‘Coins by Bamboo’, to facilitate money transfers from the diaspora to Africa.
- Customers can benefit from fee-free transfers and competitive exchange rates through the app, which is available on iOS and Android.
- Bamboo has also obtained a Money Service Business (MSB) licence in Canada, signalling its expansion into the country. The newly launched remittance app enables transfers from Canada to Nigeria, with more markets planned.
Bamboo's co-founder and CEO, Richmond Bassey, noted that Canada and the United Kingdom are at the top of the list of countries where its users have emigrated, indicating strong potential demand in these regions. He added that the UK and other markets are also being considered for expansion.
Bassey sees this development as the first step towards resolving key challenges for the diaspora, emphasising that Bamboo is developing products to help Africans around the world.
“When we look at the cost and opportunities of offering Coins by Bamboo transaction-free, we’re satisfied with providing the service in this way.”
The CEO also explained that launching 'Coins' addresses the challenges associated with complex, high-fee transfers, discouraging many Africans living abroad from investing in their home country.
Additionally, Bamboo has partnered with charitable organisations, such as the Women at Risk International Foundation (WARIF) and Chess in Slums Africa, allowing users to make direct donations to these causes via Coins
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe (COO), Bamboo operates in South Africa, Ghana, and Nigeria. After expanding into Ghana in 2022, Bamboo launched in South Africa in June 2024, where users can access its investment app, following its receipt of a financial services provider licence from the South African Financial Sector Conduct Authority (FSCA).
In May 2024, Bamboo also introduced Nigerian stocks on its platform, enabling users to invest in Nigerian companies’ stocks. This followed its acquisition of a digital sub-broker licence from Nigeria’s Securities and Exchange Commission (SEC).
Beyond Africa, Bamboo is now tapping into international markets with Coins’ launch by Bamboo.