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 comprise 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.
Country breakdown of IMTO players in Nigeria
Not every IMTO holder was incorporated in Nigeria. The CBN guidelines allow 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.
2025: List of IMTOs in Nigeria
Here is the full list of companies currently on the CBN site as of publishing time:
S/N | Company |
---|---|
1 | ACHA GLOBAL HUB LIMITED |
2 | AFRIEX INC |
3 | AFRISURGE TECHNOLOGIES LIMITED |
4 | AYG LIMITED |
5 | AYOT GLOBAL SYNERGY LIMITED |
6 | BANFFPAY LIMITED |
7 | BELYFTED LIMITED |
8 | BLAAIZ INNVOATIONS TECHNOLOGY LIMITED |
9 | BRAILS FINANCIAL INC |
10 | BROAD MONEY TRANSFER LIMITED |
11 | BUD TECHNOLOGY SERVICES |
12 | CASHPOT LIMITED |
13 | CENTREXCARD LIMITED T/A (TransferBoss) |
14 | CHIME INC (SENDWAVE) |
15 | CHRISBOROUGH SOLUTIONS LIMITED |
16 | COLONY CAPITAL LIMITED |
17 | COMET TRADING LIMITED |
18 | COWRIE INTEGRATED SYSTEMS LIMITED |
19 | CP EXPRESS LIMITED |
20 | CSL PAY LIMITED |
21 | CURRENZO NIGERIA LIMITED |
22 | DIREKT WIRE UK LIMITED |
23 | DT&T CORPORATION |
24 | D-WAY SERVICES LIMITED |
25 | E27 PARTNERS UK LIMITED |
26 | e-2-e PAY LIMITED |
27 | EAZZY TRANZACT PAYMENT SERVICES AFRICA LIMITED |
28 | ETITI WORLDWIDE INNOVATIONS LIMITED |
29 | eTRANZACT INTERNATIONAL PLC |
30 | EXACTREM LIMITED |
31 | FA GLOBAL BK FINANCE |
32 | FINCRA TECHNOLOGIES LIMITED |
33 | FLUTTERWAVE TECH PAYMENTS LIMITED (Formerly FLUTTERWAVE TECHNOLOGY SOLUTIONS LTD) |
34 | FUNTECH GLOBAL COMMUNICATIONS LIMITED |
35 | GABTRANS UK LIMITED/MONEY TO LIMITED |
36 | GLOBAL CURRENCY TRAVEL & TOURS LIMITED |
37 | GLOBAL WIRE NG LIMITED |
38 | GOLDSTACK TECHNOLOGIES LIMITED |
39 | GRANTS PAYMENTS SOLUTIONS LIMITED |
40 | GTXN CO |
41 | IDT PAYMENT SERVICES INC. |
42 | INTERSWITCH LIMITED |
43 | JITAKU FINANCIAL SERVICES LIMITED |
44 | JUBA EXPRESS |
45 | JUICE TECHNOLOGY SYSTEMS LIMITED |
46 | KREDETE TECHNOLOGY LIMITED |
47 | KUPA IMTO NIGERIA LIMITED |
48 | LEADREMIT INC (FIRST APPLE) |
49 | LIGHTWAY FINANCE LIMITED (Formerly STERLING CURRENCY EXCHANGE LTD) |
50 | LINEMARK ASSOCIATES LIMITED |
51 | MANSU DIRECT LIMITED |
52 | MASTERCARD TRANSACTION SERVICES (MTS) |
53 | ME INTERCHANGE NIGERIA LIMITED |
54 | MONEYGRAM |
55 | MORE MONEY TRANSFERS LIMITED |
56 | MULTIGATE NETWORK PAY INC (Formerly MULTIGATE GROUP HOLDING LIMITED) |
57 | NAIRA GRAM LLC/ NGN GRAM LIMITED |
58 | NALA PAYMENTS LIMITED |
59 | NASH TECHNOLOGY LIMITED |
60 | NOUVEAU MOBILE LIMITED |
61 | NOVAC REMIT LIMITED |
62 | OBSIDIAN ACHERNAR PAYMENTS LIMITED |
63 | OLIVE MONIES EXPRESS LIMITED |
64 | OXFORD 19 LIMITED |
65 | PAGA REMIT LIMITED (Formerly PAGATECH LIMITED) |
66 | PAYAZA AFRICA LIMITED |
67 | PAYCELER LIMITED |
68 | PAYMENT PROCESSING INC. (Formerly VTNETWORK LIMITED) |
69 | PAYSEND PLC |
70 | PEARL PAYMENTS LIMITED (Formerly ALALAMIYA EXCHANGE LIMITED) |
71 | PENIEL SERVICES LIMITED |
72 | PING EXPRESS (Formerly FIEM GROUP LLC DBA) |
73 | PUMPCHAIN TECHNOLOGIES PLATFORM LIMITED |
74 | QUICKREMIT LIMITED |
75 | RADIANTLIFE FINANCIAL SERVICES LIMITED |
76 | RAENEST INC |
77 | REFITOK INTERNATIONAL LIMITED |
78 | REMITIX LIMITED (MUKURU) |
79 | REMITLY INC. |
80 | RIA FINANCIALS |
81 | RIGHTCARD PAYMENT SERVICES LTD (A LEMFI BRAND COMPANY) |
82 | SAANA CAPITAL LLC |
83 | SENDFIRST ENTERPRISES LIMITED |
84 | SHARPERLY LIMITED |
85 | SIMBAPAY LIMITED |
86 | SIMPLIFY INTERNATIONAL SYNERGY LIMITED |
87 | SMALL WORLD FINANCIAL SERVICES GROUP LIMITED |
88 | SUPER TRANSFER UK LIMITED |
89 | SWIFT PAYMENT LIMITED |
90 | TAPTAP SEND UK LIMITED |
91 | TCF SERVICES LIMITED |
92 | TECHNEST LIMITED |
93 | TERRA PAYMENT SERVICES (UK) LIMITED |
94 | TETRAD INCORPORATION LIMITED |
95 | TRANSFER ZERO MONEY TRANSFER E.P., S.A. |
96 | TRANSFERCORP LIMITED/VFD GROUP |
97 | TRANSFERTO MOBILE FINANCIAL SERVICES LIMITED (THUNES) |
98 | VELOCITY TRANSFERS LIMITED |
99 | VENTURE GARDEN GROUP |
100 | VERTOFX LTD |
101 | VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED |
102 | VOYSE TECHNOLOGIES (NIGERIA) LIMITED |
103 | WAZA TECHNOLOGIES INC |
104 | WEBLINK INTERNATIONAL LIMITED |
105 | WESTERN UNION |
106 | WORLDREMIT LIMITED |
107 | ZYTREX PAYMENTS LIMITED |
108 | 91 PAYMENTS LIMITED |