Table of Contents
Finlogic Obtains Central Bank of Nigeria’s IMTO Licence to Boost International Remittances
Finlogic has recently been granted an International Money Transfer Operator (IMTO) licence by the Central Bank of Nigeria (CBN), empowering the company to directly manage inbound international remittance flows. This strategic approval highlights Finlogic’s commitment to regulatory compliance and its pivotal role in enhancing Nigeria’s foreign exchange liquidity.
Enhancing Nigeria’s Foreign Exchange Market Through Direct Remittance Processing
With this new licence, Finlogic is positioned to streamline the remittance process by eliminating intermediary layers, enabling faster transaction settlements and offering more competitive pricing for Nigerians living abroad. This direct integration with Nigeria’s financial infrastructure not only improves efficiency but also ensures that international transfers are fully accounted for within the formal economy, supporting the CBN’s revenue objectives.
Strengthening Partnerships and Ensuring Regulatory Compliance
Finlogic’s IMTO status facilitates closer collaboration with local banks, guaranteeing that every transaction adheres to stringent global regulatory standards. This institutional security is crucial for maintaining trust and transparency in cross-border money transfers, especially as the CBN anticipates remittance inflows to reach $1 billion monthly by 2026.
Leveraging a Secure North American Corridor with Canadian MSB Licence
Complementing its Nigerian IMTO licence, Finlogic also holds a Money Services Business (MSB) licence in Canada. This dual-licence framework establishes a fully compliant, secure corridor for remittance inflows from North America, enhancing the reliability and transparency of funds sent home by the Nigerian diaspora.
“Our goal is to ensure that Nigerians abroad can send money home with complete transparency and confidence,” said Joseph Afolabi, Founder and CEO of Finlogic. “The IMTO licence enables us to be a trusted partner for inward remittances, contributing to the stability of Nigeria’s economy.”
Finlogic’s Journey: From Vision to Impact
Since its inception seven years ago, Finlogic has focused on resolving complex settlement challenges through innovative technology. By leveraging its advanced platform, the company simplifies inward remittance processes, supporting the CBN’s mission to sustain a resilient and liquid foreign exchange market.
Looking Ahead: Supporting Nigeria’s Economic Growth
As remittance inflows continue to grow globally-reaching an estimated $700 billion worldwide in 2025 according to the World Bank-Finlogic’s enhanced capabilities position it as a key player in channeling these vital funds into Nigeria’s economy. By providing a seamless, secure, and cost-effective remittance service, Finlogic is helping to bridge the gap between the Nigerian diaspora and their home country, fostering economic development and financial inclusion.
