- NAICOM has launched the NIIRA 2025 implementation framework, appointing key industry leaders to lead working groups on compulsory insurance, digitization, and financial inclusion
- Bode Pedro joins the Digitization Working Group to contribute his insurtech expertise in automating claims, digital onboarding, and enhancing transparency through technology.
- The reform aims to expand insurance access, enforce compulsory schemes, and promote financial inclusion, with initial reforms expected before the end of the year
Africhange has announced two major milestones in its mission to empower Africans living abroad.
The company has partnered with Griffin, a UK-licensed bank, to launch GBP bank accounts for customers in the UK, while also being officially recognised by the Bank of Canada as one of the country’s first registered Payment Service Providers (PSPs).
Introducing UK Bank Accounts for Africans
Africhange’s partnership with Griffin tackles a problem that’s plagued African immigrants in the UK for years: getting access to proper banking services. From today, Africhange users can open GBP bank accounts with their own unique sort codes and account numbers.
These aren’t the usual virtual accounts that simply pass transactions along. They’re dedicated bank accounts with full banking functionality.
Users can receive direct deposits, hold GBP balances securely, and transfer money through the faster payments network. The accounts come with FSCS protection on eligible deposits and linked savings options.
“At Africhange, we don’t just understand the immigrant journey, we’ve lived it,” said David Ajala, CEO of Africhange. “We’re moving beyond remittances to become a true financial partner, giving our community a trusted place to hold their balance, manage their UK finances, and earn Afripoints, all from one platform.”
David Jarvis, CEO of Griffin, echoed the sentiment. “Too many immigrants face unnecessary friction in accessing basic bank accounts. We’re proud to be working with Africhange in helping people access the basic financial tools they need to live and work in the UK.”
In 2026, the company plans to launch a “Send Now, Pay Later” feature that lets users send money instantly and settle the payment later. There’s also a debit card in the works that will give users seamless access to spending and withdrawals across the UK and beyond.
Bank of Canada adds Africhange to it’s first Payment Service Provider registry
Back in Canada, Africhange has earned a spot among the first 300 entities to achieve full registration under the country’s Retail Payment Activities Act. The Bank of Canada published its inaugural Payment Service Provider Registry on 21 October 2025, and Africhange made the cut.
Africhange went through a rigorous evaluation that included national security screening coordinated by the Department of Finance, implementing robust operational risk management frameworks, and establishing strict protocols for safeguarding customer funds.
“This registration validates our unwavering commitment to regulatory compliance, operational excellence, and the highest standards of consumer protection,” said Ajala. “This achievement strengthens the trust our customers place in us every day.”
The registration puts Africhange under direct Bank of Canada supervision. The company has been registered with FINTRAC since 2019 as a Money Services Business, but the new PSP status marks a major upgrade in regulatory oversight.
Tega Gabriel, Head of Growth at Africhange, said the recognition highlights how regulation and innovation can work hand in hand. “We’re proud to be part of this new regulatory framework that will foster innovation while protecting consumers. This is not just a milestone for Africhange; it’s a win for all Canadians who rely on modern payment solutions,” he said.
