For businesses moving money across borders, speed and convenience are only part of the equation. The other part is trust: knowing that payments are processed through legitimate channels, that customers are properly verified and that transactions are subject to regulatory oversight. This is why Oneremit’s growing regulatory footprint has become an important part of its cross-border payments strategy.
The Nigerian fintech operates in a market where international payments can involve multiple currencies, banks, intermediaries and regulatory jurisdictions. Each additional market introduces its own compliance requirements, making regulation an essential component of payment infrastructure rather than simply a legal obligation.
Oneremit says it operates through several regulatory frameworks. Its operating structure includes an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria, registration under Canada’s Retail Payment Activities Act and with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as registration with the U.S. Financial Crimes Enforcement Network (FinCEN). The company also says it is expanding its regulatory coverage into additional markets.
In Nigeria, the CBN’s IMTO framework establishes requirements governing international money-transfer operations. The guidelines cover areas including governance, permissible activities, customer protection and operational requirements. Licensed operators are also required to display relevant licensing and tariff information and provide customers with transaction receipts.
For customers, the importance of such frameworks is that regulation creates accountability around how financial services are provided. Cross-border payments can be exposed to fraud, money laundering, sanctions risks, identity theft and other financial crimes. Compliance processes such as Know Your Customer (KYC), Know Your Business (KYB), transaction monitoring and anti-money-laundering controls are therefore central to maintaining the integrity of payment networks.
Oneremit says its platform incorporates business verification, AML checks, transaction monitoring and account-security measures. Its website also states that funds are held and processed through licensed banking and payment partners and that the company is a fintech rather than a bank.
The multi-jurisdictional approach also matters for African businesses paying suppliers, consultants and other partners abroad. Rather than treating every international payment as a separate banking problem, regulated payment infrastructure can help businesses navigate different currencies and financial systems while maintaining documentation for reconciliation and compliance.
According to Nairametrics, Oneremit has processed more than $200 million in cross-border business payment volume and currently operates across regulatory frameworks in Nigeria, Canada and the United States, with further expansion underway.
However, regulation should not be confused with an absolute guarantee that every transaction will be free from risk. Licensing and registration provide a framework for oversight and compliance, while customers and providers still need to maintain strong security practices.
For Oneremit, regulation is increasingly being positioned as part of the product itself. In cross-border payments, customers are not simply buying speed. They are relying on infrastructure that must operate across jurisdictions with different rules and risks.
As African businesses become more connected to global suppliers, customers and markets, that regulatory foundation could become increasingly important. The future of cross-border payments will depend not only on moving money faster, but on moving it through systems that customers can verify, understand and trust.
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