In a strategic move to broaden its reach, a Nigerian-owned remittance startup has successfully acquired a US-based firm, enabling it to facilitate money transfers and gifting services from 16 states in the US, including New Jersey, Maryland, and Georgia, to various countries across Africa, such as Nigeria, Ghana, and Kenya.
Damisi Busari, CEO and founder of Sendsprint, expressed enthusiasm about the acquisition, stating, “Our acquisition of Nobel Financial was driven by the immense value we see in the company. The US market offers significant opportunities, and we are eager to leverage our people-focused technology and deep understanding of African markets to ensure this expansion is a great success.”
Remittance flows to Sub-Saharan Africa reached $54 billion in 2023, outpacing Foreign Direct Investment and Official Development Assistance, according to the World Bank. As migration continues, this gap is expected to widen further. Despite the high cost of sending money to the region, which averages 7.9% for a $200 transfer, Sendsprint aims to provide fast, secure, and affordable remittance solutions across Africa.
The acquisition of Nobel Financial Inc., established in 2014, is part of Sendsprint’s strategy to tap into the company’s established international remittance services, which cover over 32 countries across Africa, Latin America, Asia, and the Middle East.
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