Firm secures CBN’s IMTO licence to boost remittance services

Global stablecoin payments firm, NALA, has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), alongside a direct integration with the Nigeria Inter-Bank Settlement System (NIBSS), in a move aimed at strengthening cross-border payment services into Nigeria. The company disclosed this during a press briefing held in Lagos where […]

Global stablecoin payments firm, NALA, has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), alongside a direct integration with the Nigeria Inter-Bank Settlement System (NIBSS), in a move aimed at strengthening cross-border payment services into Nigeria.

The company disclosed this during a press briefing held in Lagos where its Co-founder and Chief Operating Officer, Nicolai Eddy, highlighted the significance of the regulatory approval and technical integration.

According to the company, the IMTO licence enables it to process real-time payments directly into local bank accounts and mobile wallets nationwide, improving transaction success rates and reducing settlement times through its integration with NIBSS.

Eddy described the development as a major milestone in NALA’s expansion strategy.

“Securing our IMTO licence and integrating directly with NIBSS is a pivotal moment for us in Nigeria. It allows us to deliver faster, cheaper and more transparent transactions for millions who depend on cross-border payments,” he said.

‎He explained that NALA operates both as a consumer remittance platform and as a business-to-business payment infrastructure known as Rafiki, which allows global firms to plug into its system for cross-border disbursements.

‎According to him, several international money transfer operators rely on NALA’s infrastructure to manage foreign exchange and last-mile payments into Nigeria.

‎“To provide that service, we have to be very close to the payment rails themselves. With this licence from the CBN and direct integration with NIBSS, we can now offer cheaper remittances and support businesses that want to send payments into Nigeria at scale,” he added.

‎Also speaking, a company executive, Brian Edwards, said obtaining regulatory approval required extensive compliance efforts, stressing that trust remains central to the firm’s operations.

‎‎“Anything from the Central Bank requires quite a bit of work, and we have done our homework. This certification gives confidence to our users that their transactions are secure and compliant,” he said.

‎Edwards noted that Nigeria remains a strategic market for the company due to its large diaspora population and strong remittance culture.

‎“Nigerians abroad have a deep sense of responsibility to support loved ones at home. That makes remittances a critical service, and this licence helps us support that need more effectively,” he added.

The company also commended the Central Bank for efforts to stabilise the foreign exchange market, noting that improved confidence could boost diaspora inflows.