Bamboo, a platform that allows Africans to invest in the global stock market, on Thursday, introduced the remittance app “Coins by Bamboo” to ease money transfers from other continents to Africa.
Through the iOS and Android app, users may take advantage of fee-free transactions and favourable exchange rates. In addition, Bamboo has acquired a Money Service Business (MSB) license in Canada, indicating its intention to expand there. Transfers from Canada to Nigeria are possible using the recently released remittance app, and further markets are planned.
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Strategic expansion into Canada and beyond
“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,” said Richmond Bassey, co-founder and CEO of Bamboo, adding that the UK and other nations are also being considered for expansion.
Mr Bassey explained that Bamboo was creating goods to assist Africans across the world and viewed this development as the first step in addressing significant issues facing those in diaspora. “We are happy to offer the service in this manner when considering the costs and opportunities of offering Coins by Bamboo transaction-free.”
The CEO added that introducing “Coins” solves the problem of complicated, expensive transfers, which deters many Africans who live outside from investing in their homeland.
Furthermore, Bamboo has worked with nonprofits like Chess in Slums Africa and the Women at Risk International Foundation (WARIF) to enable users to donate directly to these causes using Coins.
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Bamboo’s growth and expansion in Africa
Bamboo was established in 2019 by Richmond Bassey and Yanmo Omorogbe (COO). It has operations in Ghana, Nigeria, and South Africa. Following its 2022 expansion into Ghana, Bamboo received a financial services provider licence from the South African Financial Sector Conduct Authority (FSCA). It launched in South Africa in June 2024, where customers can access its investing app.
Additionally, Bamboo added Nigerian equities to its platform in May 2024, allowing customers to purchase stocks in Nigerian firms. This came after it obtained a permit as a digital sub-broker from the Securities and Exchange Commission (SEC) of Nigeria. With the introduction of Bamboo Coins, Bamboo is now reaching markets outside of Africa.