NALA has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), marking a significant milestone in its expansion strategy within one of the world’s largest and most competitive remittance corridors.
In parallel, the fintech has completed a direct integration with the Nigeria Inter-Bank Settlement System (NIBSS), the country’s central payments infrastructure.
This connection is expected to enhance the speed, reliability, and transparency of cross-border remittances while reducing transaction friction for Nigerian users and enabling smoother bank-direct payouts.
Nigeria’s scale, regulatory complexity, and massive volume of remittances made it a strategic priority for the company. Operating in such a demanding market reinforces our commitment to building resilient, compliant, and enterprise-grade payment systems for high-volume corridors
Benjamin Fernandes, Founder and CEO of NALA
The licence and infrastructure integration strengthen NALA’s ability to deliver efficient, compliant services in a market characterised by high transaction throughput, strict regulatory scrutiny, and evolving customer expectations.
READ ALSO:How NALA Is Cracking Kenya’s $4.9B Remittance Market with Real-Time Transfers
NALA now holds 14 regulatory licences globally, positioning it among the most licensed fintech companies at its stage of development.
The development forms part of NALA’s long-term vision to create modern, transparent remittance and payment infrastructure for emerging markets, with a focus on lowering costs, improving predictability, and accelerating financial inclusion for diaspora communities and their families.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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