Finlogic has received approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO), marking a significant milestone for the fintech company and strengthening Nigeria’s fast-evolving cross-border payments ecosystem.
The CBN’s IMTO licence authorises Finlogic to facilitate inbound international money transfers into Nigeria, allowing individuals and businesses to receive funds from abroad through approved channels. This approval places Finlogic among a growing group of regulated operators helping to formalise remittance flows into Africa’s largest economy, where remittances remain a critical source of foreign exchange and household income.
Nigeria is one of the world’s top recipients of remittances, with billions of dollars sent annually by its diaspora. However, high fees, slow settlement times, and limited transparency have long challenged the market. By entering the IMTO space, Finlogic aims to address some of these pain points through a technology-driven approach that prioritises speed, compliance, and customer experience.
According to the company, the IMTO licence will enable it to expand its product offerings and build deeper partnerships with banks, fintech platforms, and payment service providers. Finlogic plans to support multiple payout channels, including bank accounts and digital wallets, making it easier for recipients to access funds while remaining fully compliant with CBN regulations and anti-money laundering requirements.
The approval also reflects the CBN’s broader strategy to encourage innovation while maintaining regulatory oversight in Nigeria’s financial services sector. In recent years, the regulator has tightened licensing requirements for IMTOs, signalling a push for stronger governance, improved reporting standards, and greater protection for consumers. Finlogic’s successful approval suggests it has met these heightened expectations around capitalisation, technology infrastructure, and risk management.
For Finlogic, the licence opens the door to regional and global expansion as it targets diaspora corridors across North America, Europe, and other parts of Africa. The company believes that efficient remittance infrastructure can unlock broader economic benefits, from supporting small businesses to improving financial inclusion for underbanked communities.
As competition intensifies in Nigeria’s remittance market, Finlogic’s entry as a licensed IMTO adds another player focused on modernising how money moves across borders. With regulatory backing secured, the company is now positioned to play a more active role in shaping the future of international money transfers into Nigeria.
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