CBN grants Finlogic IMTO licence, enabling direct diaspora remittances into Nigeria, boosting foreign exchange inflows and market stability

The Central Bank of Nigeria (CBN) has granted Finlogic an International Money Transfer Operator (IMTO) licence, enabling the cross-border payments firm to process inward remittances directly into the country.

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The move is part of ongoing efforts to boost foreign exchange inflows and strengthen Nigeria’s formal financial system.

With the new licence, Finlogic can settle transfers into the Nigerian financial system without intermediary layers, offering faster processing, better pricing for senders and recipients, and enhanced collaboration with local banks.

“This IMTO licence allows us to support the diaspora by providing a dependable partner for inward transfers that contribute to national economic stability,” said Joseph Afolabi, Founder and CEO of Finlogic.

Afolabi noted that the company leverages technology-driven efficiency and strict regulatory compliance to simplify inward transfers. “We started with a vision to solve complex settlement challenges.

Today, by leveraging our technology-led platform, we are removing complexity from inward transfers and supporting the CBN’s efforts to maintain a resilient foreign exchange market,” he added.

The licence aligns with the CBN’s target to achieve monthly diaspora remittances of around $1 billion by 2026 — a goal viewed as crucial for improving foreign exchange liquidity and supporting macroeconomic stability.

Finlogic also holds a money services business licence in Canada, creating a compliant remittance corridor for North American inflows into Nigeria.

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Nigeria remains one of Africa’s largest recipients of diaspora remittances, and regulators have increasingly sought to encourage transfers through official channels to strengthen foreign exchange management and the overall economy.