CBN Grants Finlogic IMTO Licence as Nigeria Targets $1B Monthly Diaspora Remittances by 2026

Finlogic, a leading cross-border remittance service provider, has been granted an International Money Transfer Operator (IMTO) licence by the Central Bank of Nigeria (CBN). This pivotal regulatory approval authorises Finlogic to facilitate inward money transfers, directly supporting the national mandate to enhance foreign exchange liquidity.

The move aligns with the CBN’s projection that monthly inflows will reach $1 billion by 2026. This licence gives Finlogic a direct path to facilitate these resources, ensuring that international transfers are captured within the formal economy to support the apex bank’s revenue goals. By bridging the gap between the diaspora and the local economy, the company serves as a regulated gateway for private capital entering the country.

Finlogic will now be able to process inward transfers directly, eliminating the need for extra intermediary layers. By establishing a more direct connection to the Nigerian financial system, the company can facilitate smoother settlement and more competitive pricing for Nigerians abroad. This status also streamlines deeper collaboration with local banking partners, ensuring that every transaction is handled with the institutional security required by global regulatory standards.

This development is further strengthened by Finlogic’s existing Money Services Business (MSB) licence in Canada, creating a secure, end-to-end compliant corridor for North American inflows.

“Our mission is to ensure that the resources of Nigerians abroad reach home with absolute transparency,” said Joseph Afolabi, Founder and CEO of Finlogic. “This IMTO licence allows us to support the diaspora by providing a dependable partner for inward transfers that contribute to national economic stability.”

Afolabi noted that Finlogic’s seven-year history is defined by institutional rigour. “We started with a vision to solve complex settlement challenges. Today, by leveraging our technology-led platform, we are removing complexity from inward transfers and supporting the CBN’s efforts to maintain a resilient foreign exchange market.”