In a bid to strengthen foreign exchange liquidity and formalise international capital inflows, the Central Bank of Nigeria (CBN) has officially granted an International Money Transfer Operator (IMTO) licence to Finlogic, a leading cross-border remittance service provider.
This regulatory approval aligns with the apex bank’s ambitious target to scale monthly inward remittances to $1 billion by 2026.
By authorising Finlogic to facilitate direct inward transfers, the CBN strives to capture private capital within the formal banking system, thereby supporting the stability of the Naira and enhancing national economic resilience.
The IMTO licensing allows Finlogic to operate with greater autonomy, bypassing traditional intermediaries to offer a more direct path for funds entering the country.
This operational efficiency is expected to result in faster settlement cycles and improved pricing for the Nigerian diaspora, who remain a vital pillar of the nation’s financial stability.
Finlogic’s entry into the IMTO space is underpinned by its existing Money Services Business (MSB) licence from Canada.
This dual-licence status establishes a secure, compliant corridor for North American inflows, ensuring that transactions meet the highest global standards of transparency and institutional security.
“Our commitment is to ensure that the contributions of Nigerians abroad are integrated into the domestic economy with absolute integrity,” said Joseph Afolabi, founder and CEO of Finlogic.
“This IMTO licence serves as a seal of trust, allowing us to provide a dependable gateway for inward transfers that directly contribute to Nigeria’s broader macroeconomic objectives.”
Afolabi further emphasised that Finlogic’s seven-year trajectory has been defined by a focus on solving structural settlement challenges.
“We have built a technology-led infrastructure designed to remove the friction associated with inward capital flows. By working closely with local banking partners, we are supporting the CBN’s mandate to maintain a transparent and robust foreign exchange market.”
As Nigeria seeks to double its official remittance receipts, the role of regulated, direct-access operators like Finlogic becomes increasingly central to the country’s financial inclusion and liquidity strategies.
