CBN Approves Finlogic for International Money Transfer Operations

The Central Bank of Nigeria (CBN) has issued Finlogic an International Money Transfer Operator (IMTO) licence, authorising the cross-border payments company to process inward remittances directly into Nigeria as part of efforts to strengthen foreign exchange inflows.

The approval enables Finlogic to receive international money transfers into the country without relying on additional intermediaries, bringing such transactions fully under the formal financial system regulated by the CBN.

In a statement on Wednesday, the company said the licence aligns with the apex bank’s objective of increasing monthly diaspora remittances to about $1 billion by 2026, a target viewed as key to improving foreign exchange liquidity and supporting macroeconomic stability.

With the IMTO licence, Finlogic can now settle inbound transfers directly within Nigeria’s financial system. The firm said this structure would result in faster transaction processing, better pricing for senders and recipients, and stronger partnerships with local banks.

Founder and Chief Executive Officer of Finlogic, Joseph Afolabi, said the approval positions the company to better serve the diaspora while contributing to national economic stability. He noted that Finlogic’s operations are anchored on strict regulatory compliance and technology-driven efficiency.

According to Afolabi, the company was established to address complex settlement challenges and is now leveraging its technology platform to simplify inward remittances and support the CBN’s drive for a more resilient foreign exchange market. He added that Finlogic also holds a money services business licence in Canada, providing a compliant remittance channel for inflows from North America into Nigeria.

Nigeria remains one of Africa’s largest recipients of diaspora remittances, with regulators increasingly promoting policies that channel such funds through official platforms as part of broader foreign exchange reforms.