Bamboo, a pioneering investment platform enabling Africans to access international markets, has announced the launch of its latest innovation, “Coins by Bamboo.” This new app facilitates low-cost, secure, and efficient money transfers, specifically aimed at helping Nigerians in the diaspora send funds home directly from their smartphones.
Backed by a Canadian Money Service Business license, “Coins by Bamboo” positions Bamboo as one of the few African startups to integrate remittances and investment services. This expansion aligns with Bamboo’s mission to empower Africans with greater access to global financial resources. Through this app, the platform aims to ease the process of wealth-building for Africans by bridging the gap between investment opportunities and financial inclusion.
Since its inception in 2019, Bamboo, a Y Combinator-backed venture, has offered Africans seamless access to U.S. stock markets, democratizing investment opportunities for people of various socioeconomic backgrounds. The launch of “Coins by Bamboo” reflects the company’s ongoing commitment to strengthening economic empowerment within African communities by providing essential financial tools.
Speaking on the launch, Bamboo CEO Richmond Bassey expressed the company’s dedication to fostering economic connections. “We are thrilled to bring ‘Coins by Bamboo’ to the public,” Bassey said. “This app is an evolution of our goal to enable Africans to participate fully in the global financial landscape. We believe that one of the best ways to invest in Africa’s future is by supporting people who contribute to their communities back home.”
Remittances remain a critical source of income for many African families, especially as migration increases. According to the World Bank, remittances to sub-Saharan Africa reached $54 billion in 2023. With the app now certified for Canadian-to-Nigeria transfers, Bamboo offers a compelling solution for cost-effective remittances, lowering fees and enabling users to make meaningful contributions to family and charitable causes in Nigeria.
In line with this mission, Bamboo has partnered with nonprofits like Women at Risk International Foundation (WARIF) and Chess2Slums, allowing app users to contribute directly to these initiatives. This feature enables the Nigerian diaspora to give back to their homeland more easily and transparently.
By venturing into remittances, Bamboo not only serves as a valuable tool for Nigerians abroad but also reflects a growing trend in African fintech—leveraging digital platforms to solve pressing financial challenges. Coins by Bamboo exemplifies how technology can enhance financial accessibility, particularly in the high-cost African remittance market, which remains one of the most expensive in the world.
As Bamboo continues to expand, it’s clear that the company’s innovations are shaping a more inclusive and connected financial ecosystem, empowering Africans worldwide.