Grey secures CBN licence to process remittances into Nigeria
Cross-border payments company Grey has received approval from the Central Bank of Nigeria (CBN) to operate as an international money transfer operator (IMTO), allowing it to process inbound international transfers into the country.
The Y Combinator-backed fintech can now handle transfers from individuals and businesses abroad to recipients in Nigeria. Its approved services cover person-to-person, business-to-person and business-to-business transactions, subject to CBN regulations.
The licence gives Grey a regulated entry into one of Africa’s biggest remittance markets. According to World Bank data cited by the company, Nigeria received about US$22.8 billion in personal remittances in 2025.
With the approval, Grey expects to strengthen its position in Nigeria’s remittance market and expand its links to international payment corridors. It will serve Nigerians receiving money from relatives, professionals and business partners abroad.
“Regulatory compliance is central to how we build and operate our financial services. As we expand across markets, it is important that our operations meet the requirements of the regulators responsible for overseeing them,” said Idorenyin Obong, CEO and co-founder of Grey.
“Securing CBN approval to operate as an IMTO is an important step for Grey in Nigeria. It strengthens our ability to facilitate inbound international transfers and reflects our long-term commitment to building reliable financial infrastructure for individuals and businesses operating across borders.”
North American licences
The Nigerian approval adds to Grey’s existing registrations in North America. In the US, the company is registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
In Canada, it holds MSB registration with the Financial Transactions and Reports Analysis Centre (FINTRAC) and is registered as a payment service provider under the Retail Payment Activities Act (RPAA).
The licence follows Obong’s call at TechCabal’s Moonshot conference in Lagos last week for African fintechs to own more of the underlying payments infrastructure. “African money still clears through New York or London on its way to the country next door,” he said at the event. “We have enough wallets. What’s missing is the layer underneath: settlement, liquidity and compliance.”
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