As reported by Techpoint Africa, Bamboo, a platform empowering Africans to invest in global stock markets, has introduced a new remittance app, Coins by Bamboo, aimed at simplifying money transfers from the diaspora to Africa. The app, available on both iOS and Android, offers fee-free transfers and competitive exchange rates, allowing users to send money easily and affordably.
In line with its international growth strategy, Bamboo recently secured a Money Service Business (MSB) licence in Canada, marking its official expansion into the Canadian market. Currently, Coins by Bamboo supports transfers from Canada to Nigeria, with plans to include additional markets in the near future. Bamboo’s co-founder and CEO, Richmond Bassey, shared that Canada and the UK are key regions where many Bamboo users have emigrated, signaling strong demand for the service there. Bamboo also has its sights set on expanding to the UK and other markets as demand grows.
Bassey regards the app launch as a major step in addressing significant financial challenges for the African diaspora. “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,” he stated. He highlighted that high fees and complex transfer processes have previously discouraged many Africans living abroad from investing back home—an issue Coins aims to resolve.
Additionally, Bamboo has integrated charitable giving into Coins, partnering with organizations such as the Women at Risk International Foundation (WARIF) and Chess in Slums Africa. Through this feature, users can make direct donations to these causes, reinforcing Bamboo’s mission to support African communities.
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe (COO), Bamboo currently operates in South Africa, Ghana, and Nigeria. Following its Ghana expansion in 2022, Bamboo launched its investment app in South Africa in June 2024, after securing a financial services provider license from South Africa’s Financial Sector Conduct Authority (FSCA). In May 2024, Bamboo further expanded its offerings by adding Nigerian stocks to its platform, allowing users to invest directly in Nigerian companies following its acquisition of a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC).
With the launch of Coins by Bamboo, Bamboo is venturing into the international remittance market, leveraging its fintech expertise to build solutions that serve Africans globally.
