Bamboo, the investment platform enabling Africans to invest globally through real-time access to global markets, has announced the launch of its remittance app, “Coins by Bamboo.”

Backed by the Canadian Money Service Business licence, the new remittance app, available on the Google Play and Apple stores for download, will enable Nigerians in the diaspora to make faster, more secure and cheaper money transfers to loved ones from the convenience of their mobile phones.

The Y-Combinator-backed company was founded in 2019 as the first online brokerage service to connect Africans with the US stock market, allowing those across the socioeconomic bracket to buy and trade global stocks on the Bamboo app.

Coins by Bamboo is an extension of the brand ethos of Bamboo which is to give Africans the ability to invest in anything from everywhere. It further reflects the company’s commitment to democratising wealth building and facilitating meaningful investments in local communities as well as Africa’s future.

Having successfully scaled the Canadian vetting process to acquire an MSB licence, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance.

The company is also able to take advantage of lessons it’s learnt connecting Africans with global asset classes to bring cost savings that are crucial for the millennials and Gen-Z who have migrated to Canada over the last ten years but still maintain strong ties to their home country.

Speaking on the announcement, Richmond Bassey, Co-founder and CEO of Bamboo says, “We are thrilled to officially launch “Coins by Bamboo” to the public. “Coins” is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”

Bassey continues, “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 democratise access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”

Bamboo is also partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.

According to the World Bank, remittance flows to sub-Saharan Africa peaked at $54 billion in 2023 and remittance via formal channels is projected to reach $283 billion by 2035. Yet, SSA continues to have the highest average remittance cost at about 7.9 per cent to every $200 compared to the global average of $5.

Historically, Nigeria dominates the remittance sector, sometimes accounting for up to half of the region’s inflows. With emigration at an all-time high, there remains a growing demand for affordable and accessible digital remittance solutions necessitating the birth of Coins by Bamboo.

The new app will offer competitive rates comparable to their counterparts, in addition to offering customers the unique opportunity to directly donate to a curated list of charities. It will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.

For many in Africa, the remittance industry is a crucial lifeline. By addressing the high fees and complex transfer processes, Coins by Bamboo is offering a more streamlined and cost-effective alternative that benefits both senders and recipients.

Nigeria has reportedly invested $40 million in intercept technology and $583 million on public surveillance, according to a new report by Spaces for Change (S4C), a civil society organization.

So-called intercept technology and surveillance allow legally sanctioned official access to private communications, such as telephone calls or e-mail messages in a bid to enhance national security, prevent crime and aid criminal investigations.

Victoria Ibezim-Ohaeri, executive director of S4C, said that “The Nigerian government has allocated approximately $40m for intercept technologies and an estimated $583m on public surveillance projects with Chinese tech firms.”

Ibezim-Ohaeri, spoke at the West Africa Civil Society Week held in Abuja with the “Leveraging Technology for Civic Engagement and Social Change in West Africa”

At the event held in collaboration with Civic Space Resource Hub, West Africa Civil Society Institute and the Ford Foundation, Ibezim-Ohaeri stated that this expenditure prioritised security over essential public services like education and healthcare, raising questions about the government’s commitment to human rights.

With lawful interception (LI), law enforcement authorities, in response to a warrant from a judge, can perform interception, simply by applying a ‘tap’ on the telephone line of the target, making it possible for security agencies in Nigeria to listen to terrorist and criminal cell phone calls and gather communications intelligence on their dark activities.

But Ibezim-Ohaeri said her organization’s report emphasised the historical context of surveillance in Nigeria, linking colonial practices to modern state surveillance tactics.

Ibezim-Ohaeri noted, “Colonial authorities established a framework for surveillance that persists today, where security agencies continue to repress dissent and monitor civic actors.”

Key findings from the report indicated that the military regime significantly intensified state surveillance, enacting laws that curtailed press freedoms and facilitated the harassment of journalists and political activists.

“Just as the U.S. expanded surveillance post-9/11, Nigeria mirrored this response after the 2011 UN building bombing,” she remarked, referring to legislation that broadened surveillance powers under the guise of national security.

The report outlined how civic actors and opposition politicians are often the primary targets of these surveillance initiatives.

“Evidence shows that state governors have acquired surveillance technologies to monitor political rivals, demonstrating the pervasive nature of these tactics,” Ibezim-Ohaeri explained.

Furthermore, the report highlighted that most surveillance technologies used in Nigeria are imported from countries like Israel, China, and the United States, emphasizing the risks posed by dual-use technologies that can be repurposed for oppressive measures.

“The dual-use nature of these technologies significantly contributes to their unchecked proliferation, often leading to abuses by both state and non-state actors,” she stated.

Despite existing legal frameworks, the report criticised the inadequacy of regulatory controls over surveillance technologies.

“While laws exist to govern surveillance, their enforcement is weak, creating a fertile ground for abuse and misuse,” Ibezim-Ohaeri cautioned.

In light of these findings, the report called for urgent reforms, including improved regulatory oversight and transparency in the procurement processes for surveillance technologies.

“We need a commitment to human rights that begins at the production stage, ensuring that surveillance technologies do not infringe on civil liberties,” she said.

Llawful interception (LI), in response to a warrant from a judge, lawful interception is performed simply by applying a ‘tap’ on the telephone line of the target, making it possible for security agencies in Nigeria to listen to terrorist and criminal cell phone calls and gather communications intelligence on their dark activities.

Dr. Oba Otudeko, business mogul and chairman of Honeywell Group, has been awarded the prestigious “Doyen of Business” accolade at the recently concluded Family Business Summit 2024.

L-R: Tomi Otudeko, Head, Corporate Services, Honeywell Group Limited; Wole Abegunde, MD, Meristem Securities; Oba Otudeko, Founder and Chairman, Honeywell Group Limited; Foluke Oyeleye, Director, Honeywell Group Limited and Oghenevwoke Ighure, Convener, My Family, My Business, during the presentation of Doyen of Business Award to Oba Otudeko at the Family Business Summit 2024, held in Lagos on Thursday, October 17, 2024

The summit held on Thursday, October 17, at the Wheatbaker Hotel, Ikoyi, Lagos, and themed “Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth,” focused on empowering family-owned enterprises and explored strategies for navigating leadership transitions and transferring wealth and values across generations.

Dr. Otudeko was recognised for his significant contributions to nation building and economic development through his various investments and commitment to job and wealth creation opportunities in Nigeria.

The citation described Otudeko as “a paragon of innovation,” noting his unwavering commitment to creating value and driving economic prosperity across multiple sectors through Honeywell Group Limited.

Under his leadership, the company has set new benchmarks in various industries, including food, agriculture, and real estate, fostering sustained excellence and growth.

At the event, Honeywell Group was also honoured with the ‘Revolutionary Family Business Award’ in recognition of its commitment to innovation, strategic leadership, and sustained excellence.

The company was lauded for consistently setting new standards across diverse industries it operates in, including food, agriculture, real estate, among others.

In his acceptance speech, Otudeko highlighted the importance of resilience in business longevity, noting that the ultimate measure of success is a legacy that outlives its founder.

“Business leadership is a continuous journey that transcends short-term gains.

“A legacy is built on resilience, and at an advanced stage, your primary concern becomes ensuring continuity at a level even higher than when you started,” he said.

He expressed gratitude to the event organisers, BusinessDay and PwC, for the recognition, noting that it serves as a motivation for emerging family businesses.

“I am honoured to receive this award, and I extend my heartfelt thanks to BusinessDay and PwC for this acknowledgement.

“As we look ahead, succession and the empowerment of the next generation of leaders must remain key priorities to guarantee that the legacy we are building today endures for generations to come.”

The summit also honoured other outstanding leaders, including Dr. Stella Chinyelu Okoli, founder and CEO of Emzor Pharmaceuticals, for her exceptional contributions to Nigeria’s pharmaceutical industry and overall economic development.

Several leading family-owned businesses were recognized for their impact, including Tolaram Group, Orange Drugs Limited, Daily Need Group, amongst others.

The Family Business Summit, an annual event, is dedicated to supporting the growth of family businesses in Africa.

It provides a platform for discussing the unique challenges facing these enterprises, particularly around succession planning, governance structures, and strategies for sustaining wealth across generations.