NALA Nigeria secures CBN licence for outbound transfers

2026-03-20 - 12:53

By Enitan Abdultawab NALA Nigeria has announced a major expansion of its financial services following the approval of an International Money Transfer Operator (IMTO) licence by the Central Bank of Nigeria (CBN), positioning the company to facilitate both outbound and inbound international remittances for Nigerians. The announcement was made on Tuesday during a press conference held in Victoria Island, Lagos, where the company described the development as a significant milestone in Nigeria’s evolving remittance landscape. Co-founder of NALA, Nicolai Eddy, said the licence places the company directly under regulatory oversight while strengthening its operational capacity. “I announce the acquisition of our Nigeria IMTO licence issued by the Central Bank of Nigeria. What this means for us, our company and our customers is that we are now directly a regulated member of the CBN. This connects us closely to financial institutions in the country to make it cheaper and faster for customers sending money from the UK, US and Europe into Nigeria,” he said. Eddy added that the company’s direct integration with Nigeria’s financial infrastructure marks “a huge milestone” for both the firm and the broader African fintech ecosystem. Eddy also recalled that outbound remittances from Nigeria have historically been constrained by regulatory requirements and foreign exchange limitations, and as such, this makes this development a potentially transformative step for fintech participation in the space. Also speaking at the presser is the Country Manager of NALA Nigeria, Brian Edwards, who emphasized the company’s focus on speed, security, and value delivery. “We make sure that transactions are seamless and, at the same time, they are secure. Our transactions are near instant ; the speed customers get is the speed we promise. We also ensure that customers get the maximum value of the money they send into the markets,” he said. He added that the platform is designed to support real-life financial needs across borders. “Through our platform, we are supporting actual families, businesses, live. For everyone in the diaspora who has siblings, families, and friends depending on them, this is for you to move resources easily,” Edwards said. Speaking on the broader impact of the licence, Edwards noted that the regulatory approval enables deeper integration and improved service delivery. “The major conversation now is that we have a licence from the Central Bank that gives us a direct integration that allows us to render services even better,” he said. NALA’s expansion builds on its earlier entry into Nigeria in 2023, when the company launched inbound payment services as part of its broader push to deepen cross-border transactions across Africa. At the time, the firm identified Nigeria as a key market due to its large economy and significant diaspora population, which contributes billions in annual remittance inflows. With the new outbound capability, NALA now competes more directly with other fintech players which have established footprints in cross-border payments and financial services. The company said the rollout of its outbound remittance service will be phased, with plans to expand destination countries and service offerings over time.