Flutterwave, Others Get Rival as CBN Grants New Licence to Another Firm to Send Dollars to Nigerians
- Fincra declared that the Central Bank of Nigeria has granted it an International Money Transfer Operator license
- This makes it possible for companies to provide cross-border payment services as part of their product lineup in the Nigerian market
- The CBN underwent a thorough evaluation and approval process before granting this license
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Fincra announced that it has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), allowing the business to incorporate cross-border payment services into its product offerings in the Nigerian market.
Source: Getty Images
The license was obtained after a rigorous review and approval process by the CBN according to a statement by the payment company.
Fincra proved throughout this process that it was dedicated to adhering to regulations by putting in place effective counterterrorism financing (CTF) and anti-money laundering (AML) measures, as well as comprehensive rules, procedures, and systems to stop illegal financial activity.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Obtaining this license gives companies the reassurance that Fincra abides by the strict guidelines set forth by the CBN, guaranteeing adherence to global financial norms and boosting transaction security.
Fincra has provided local payment solutions to businesses since its founding in October 2021. However, Fincra can now effectively handle the transfer of monies from outside to Nigerian recipients thanks to the IMTO licence.
Fincra is growing its business in Nigeria and providing a wider range of services that cater to the demands of both local and Nigerian diaspora customers with the help of the new IMTO licence.
“This IMTO strengthens our capabilities to deliver on our mission of making the movement of money as easy as sending a text message. We have been on a mission to deliver on this vision since 2021 as a company, and this IMTO marks a new era of enabling international payment. We are excited about this new journey of ensuring that cross-border payments get to the last person in the payment chain” Fincra’s Chief Executive Officer Wole Ayowole said about the IMTO licence.
“This new licence aligns with our commitment to enable individuals and businesses in Nigeria to the global economy. It’s a commitment that also spreads across Africa,” Wole also said.
The Multicurrency Account, a new Banking as a Service (BaaS) offering from Fincra, is also scheduled for debut. Its goal is to assist platforms and enterprises in facilitating simple foreign exchange transactions in USD and EUR, with additional currencies to be introduced shortly.
CBN gives conditions for IMTOs
Legit.ng reported that the Central Bank of Nigeria (CBN) announced fresh initiatives aimed at increasing naira liquidity and diaspora remittances.
Eligible International Money Transfer Operators (IMTOs) would now have access to naira liquidity through the bank's window, per the CBN's recent circular.
According to the CBN, the initiative aimed to increase access to local currency liquidity and facilitate faster and more effective remittance settlement procedures.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
