Scoop: CBN releases list of 108 IMTOs with commercial approval

The Central Bank of Nigeria (CBN) lists 108 International Money Transfer Operators (IMTOs) with commercial approval. This means that there are still some in the pipeline with either an Approval In-Principle (AIP) or at the application review stage.

In its decade-long IMTO licensing history, the CBN has never had this many companies operating in the space. As of 2016, there were only about 15 IMTOs in Nigeria. Today, there are over 100 net new operators in this space.

Read: 2025 Prediction — Every Nigerian fintech will become a cross-border payments fintech

The CBN’s renewed push to boost dollar inflows aligns perfectly with fintechs’ drive to grow through cross-border payments—a win-win for both sides.

The IMTO allows its holders to facilitate inward remittances to Nigeria. Over the last decade, remittances to Nigeria averaged $20 billion. While huge, it’s a small pie for over 100 players with unicorn ambitions to share.

Indeed, FXC Intelligence reveals that remittances make up just 2% of cross-border payment volumes. So, while there is no non-bank CBN licence to facilitate outbound remittance, fintechs use remittance and the IMTO licence as a wedge to dialogue with the regulator to enable other use cases.

List of IMTOs in Nigeria

Here is the full list of companies currently on the CBN site as of publishing time:

Country breakdown of IMTO players in Nigeria

Not every IMTO holder was incorporated in Nigeria. The CBN guidelines allow for both local and foreign entities to seek IMTO licences.

If you are a foreign entity, you need to provide your operating licence in the country of your operation. Nigeria-incorporated companies account for 45% of licensed IMTOs, followed by the UK, US and Canada with 33%, 9% and 7% respectively. One country each from Uruguay, Rwanda, Senegal, Spain, Morocco also has an IMTO licence in Nigeria.