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To deepen 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 cross-border remittance provider.
This regulatory approval aligns with the apex bank’s ambitious target to scale monthly inward remittances to $1 billion by 2026. By authorizing Finlogic to facilitate direct transfers, the CBN continues its push to capture private capital within the formal banking system, supporting Naira stability and national economic resilience.
The IMTO licence allows Finlogic to operate with greater autonomy, bypassing traditional intermediaries to offer a direct path for funds entering Nigeria. This operational efficiency is expected to result in faster settlement cycles for recipients, competitive pricing for the Nigerian diaspora and increased transparency in the remittance corridor.
“Our commitment is to ensure that the contributions of Nigerians abroad are integrated into the domestic economy with absolute integrity. This IMTO licence serves as a seal of trust, allowing us to provide a dependable gateway for inward transfers that support Nigeria’s broader macroeconomic objectives,” said Joseph Afolabi, Founder and CEO of Finlogic Afolabi.
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Afolabi further said 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,” he said.
