Africhange has marked two critical milestones in its growth trajectory, first, the rollout of UK sterling accounts, and second, official registration with Bank of Canada as a Payment Service Provider (PSP).
In the UK, Africhange has partnered with Griffin, a licensed bank, to offer accounts denominated in GBP. These are not mere virtual wallets; they are full banking-standard accounts with unique sort codes and account numbers. Customers can receive direct deposits, hold sterling balances, and transfer funds through the Faster Payments network. Deposits in these accounts are eligible for FSCS (Financial Services Compensation Scheme) protection, and savings options are also linked.
“Our community has lived the immigrant journey, and now we’re moving beyond remittances to become a true financial partner,” said Africhange’s CEO, David Ajala, adding that the new UK-based accounts will let users “hold their balance, manage their UK finances, and earn Afripoints, all from one platform.” Griffin’s CEO, David Jarvis, positioned the move as helping “people access the basic financial tools they need to live and work in the UK.”
On the Canadian side, Africhange has obtained registration under the Retail Payment Activities Act (RPAA) by the Bank of Canada, placing it amongst the early PSPs subject to direct supervision. That means Africhange will now face stricter regulatory oversight covering operational risk management, safeguarding customer funds, reporting requirements and national-security screenings. Africhange’s Head of Growth, Tega Gabriel, noted this recognition “highlights how regulation and innovation can work hand in hand.”
Registration under Canada’s RPAA enhances regulatory credibility, which may lower funding-costs and encourage cross-border flows. Combined with UK account capabilities, Africhange is positioned to capture diasporic remittance volumes and monetize FX spreads, while contributing to broader financial-inclusion and capital-flow trends between Africa, the UK and Canada.
