Wise finally secures its own Nigerian remittance (IMTO) licence

Wise, the British fintech firm that has sent £600 million to Nigeria to date, has now secured its own licence to operate in the country.

This comes after a decade of starting, stopping, and restarting its services in Nigeria. In fact, on one occasion in December 2020, the Central Bank of Nigeria described it as unauthorised to operate.

The UK-Nigeria ETIP Breakthrough

In February 2024, while the Rt Hon Kemi Badenoch served as the UK’s Business and Trade Secretary, the UK signed the Enhanced Trade and Investment Partnership (ETIP) with Nigeria. This agreement aims to boost trade and investment and create new opportunities for businesses in both countries. At that time, trade between the UK and Nigeria was valued at £7 billion in the year to September 2023.

It was a first-of-its-kind agreement between the UK and another African country. “This partnership with Nigeria – the UK’s first with an African country – will allow us to work together and seize the opportunities that lie ahead. UK businesses have already seen huge success here, and I look forward to seeing how we continue to grow this relationship,” she stated. UK-bonafide businesses like Wise were part of the delegation.

The agreement is already delivering tangible results, with many positive developments shared during the ministerial dialogue held this week. For instance, bilateral trade is now at an all-time high of £8.1 billion, a 15.7% jump compared with the start of the relationship.

Among the progress updates shared, one development stood out for fintech operators: Wise has now secured a licence to operate in Nigeria. “The Central Bank of Nigeria’s recent approval of their (Wise) first licence in the country marks a significant step forward, promising to further strengthen and deepen the relationship that binds our two nations,” the UK Government said.

Wise’s Nigerian licence is an important milestone that bears deeper examination.

Wise’s African expansion history

Seven months after the DBT trip to Nigeria, Wise resumed transfers to the country, yet again.

According to a statement cited by Gov.uk, “Wise has already supported the transfer of almost £600 million to Nigeria to date.” It is currently unclear if the £600 million processed is from the UK to Nigeria alone or across all of Wise’s active sending regions.

Wise achieved this volume while relying on third-party partners who own both the inward remittance licence and the payment rails. This affected its ability to be competitive and also showed its low level of commitment to the region.

I wrote about this extensively in my September 2024 article announcing the resumption, and wondered why it did not invest in securing a Nigerian licence.

The following year, it recruited a Banking and Expansion Manager for the Middle East and Africa. By December 2025, it announced its first African licence in South Africa, where it obtained a Category 2 Authorised Dealer licence. At the time, I noted that while South Africa was the top “send” market in the region, Nigeria remained the undisputed “receive” heavyweight, bringing in roughly $20 billion annually.

In the article, I suggested that “Wise could deepen its stance in other top remittance receiving markets, like Nigeria, where it notably does not yet have an IMTO licence to improve its margins and product quality.“

This should, in theory, allow it to improve its margins and offer the “true mid-market rate” that it has often struggled to maintain in Nigeria due to FX volatility and regulatory shifts.

Can Wise outpace the local heroes?

The market Wise is entering today is far more crowded than the one it first stepped into in 2015. It is not just competing with legacy banks or legacy fintechs anymore; it is up against well-funded, new-age players like LemFi and Moniepoint, who are vying to become “UK-bonafide”.

Both LemFi and Moniepoint (owner of MonieWorld) have the same level of e-money authorisation in the UK, like Wise, which allows them to facilitate remittances to Nigeria. In addition, both Nigerian fintechs have relocated their global headquarters to the UK, investing further into their new home’s economy.

Gov.uk stated that, “LemFi will invest £100 million over the next five years as it designates London its global headquarters. Moniepoint plans to grow its London based team to 100 employees in 2026, building the infrastructure that supports millions of African users worldwide.“

Consequently, Wise faces significant competition. With a licence in hand, the big question is whether Wise will finally launch its full suite of products—like the Wise Business account or international debit cards—specifically for Nigerians. If it does, then competition in the remittance and cross-border payments space is about to get even more intense.

For the Nigerian consumer, this is a win. More competition usually means lower fees and faster transfers.

But for its current partners, this licence could weaken their hold on Wise’s remittance to Nigeria business.

Following this latest effort, it appears Wise is finally here to stay.

Last updated: March 18, 2026