Global stablecoin payments company, NALA, has officially obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), marking a major regulatory milestone for the firm’s expansion in Nigeria’s cross-border payments market.

Alongside the approval, the company also completed a direct integration with the Nigeria Inter-Bank Settlement System (NIBSS), enabling faster and more reliable remittance settlements into Nigerian bank accounts and mobile wallets.

NALA, an African payments company and money transfer application, allows users in Europe, the United Kingdom and the United States to send money to Africa within seconds through a secure digital platform.

The company said the twin developments represent a major step toward its mission of building “payments for the next billion,” by delivering faster, more affordable and highly reliable cross-border payment solutions for Nigerians in the diaspora.

By holding a direct licence and integrating with Nigeria’s central payment switch, NALA said it will eliminate multiple third-party intermediaries that traditionally slow remittance flows, thereby improving transaction success rates and enabling near-instant settlement.

The IMTO licence also strengthens the firm’s regulatory compliance credentials, allowing it to scale operations within Nigeria’s regulated financial ecosystem while providing compliant remittance services for individuals and businesses.

Through the integration with NIBSS, Nigeria’s core payment infrastructure, NALA can now power secure real-time payouts directly to all local banks and mobile wallets across the country, deepening its connection with Nigeria’s financial architecture.

Speaking during a press conference themed “NALA Nigeria Receives IMTO License to Facilitate International Remittances,” held at La Cour Hotel in Ikoyi, Lagos, the company’s co-founder and Chief Operating Officer, Nicolai  Eddy, described the development as a pivotal moment for the company’s operations in Nigeria.
According to Eddy, the licence will enable cheaper and faster transfers from Europe, the UK and the US into Nigeria by allowing direct integration with the national clearing infrastructure while reducing intermediaries.

“Securing our IMTO licence and integrating directly with NIBSS is a pivotal moment for NALA in Nigeria,” he said.

“Trust is the most valuable currency in global payments, and this achievement reflects our deep commitment to global regulatory standards and our desire to build financial infrastructure alongside trusted national institutions. Nigeria is a cornerstone of our mission, and with this direct integration we are ensuring that every transaction is faster, cheaper and more transparent for the millions of people who rely on us.”

Eddy further described Nigeria as NALA’s largest payment volume market in Africa and the biggest remittance hub in sub-Saharan Africa.

The Guardian gathered that data presented during the briefing showed that Nigeria remains a dominant destination for diaspora remittances:

Record inflows: Nigeria received about $23bn in remittances in 2025, the highest level recorded in five years.

Regional leadership: The country accounts for roughly 35 per cent of remittance flows into Sub-Saharan Africa.

Economic impact: Remittance inflows have averaged about 80 per cent of Nigeria’s federal budget value, exceeding both foreign direct investment and foreign aid.

Expanding market: Nigeria’s population is projected to reach 242.5 million by 2026, making it one of the fastest-growing consumer markets globally.

Digital growth: Digital remittance channels are expanding rapidly, with an estimated 15.92 per cent annual growth rate.

Also speaking at the event, NALA’s West Africa country manager, Brian Edwards, emphasised Nigeria’s strategic importance to the company due to its large population, extensive diaspora community and strong cultural commitment to supporting family members back home.

“For those of us who spend time abroad, we know that the culture of care here is extraordinary. People see it as a core responsibility to support their loved ones—even extended family members, and that drives remittances,” Edwards said.

He also commended the Central Bank of Nigeria for recent efforts aimed at stabilising the naira, noting that exchange-rate stability helps boost confidence among diaspora users sending funds to the country.

According to Edwards, NALA operates a two-pronged business model comprising its consumer remittance platform, NALA, and a business-to-business payment infrastructure known as Rafiki.

Through Rafiki, major global remittance companies such as MoneyGram can access payment infrastructure APIs, while NALA manages foreign exchange conversion and final settlement.

“With this licence and direct NIBSS integration, we can offer both cheaper individual remittances and robust enterprise payment rails,” Eddy said.

Rafiki enables businesses to manage foreign exchange and last-mile disbursement efficiently while ensuring compliance with local regulations.

He explained that the new IMTO licence enables the company to operate closer to Nigeria’s payment rails, allowing it to provide more efficient and cost-effective remittance services.

The event also featured an interactive question-and-answer session with journalists, as well as a live demonstration showcasing the speed and ease of sending money through the NALA platform, including a volunteer-based test transfer designed to highlight real-time transaction validation and error prevention features.

Eddy concluded by expressing appreciation to the company’s customers, noting that their trust and participation remain central to NALA’s growth and its broader mission of improving global financial access.