NALA Secures CBN IMTO Licence and NIBSS Integration to Revolutionize Remittances into Nigeria
In a significant development for Nigeria's cross-border payments landscape, global stablecoin payments company NALA has officially received an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN). This regulatory approval marks a crucial milestone for the firm's expansion within Nigeria's financial ecosystem. Concurrently, NALA has completed a direct integration with the Nigeria Inter-Bank Settlement System (NIBSS), the nation's core payment infrastructure, which will facilitate faster and more reliable remittance settlements directly into Nigerian bank accounts and mobile wallets.
Pivotal Moment for Nigerian Operations
During a press conference titled "NALA Nigeria Receives IMTO License to Facilitate International Remittances" at La Cour Hotel in Ikoyi, Lagos, NALA's co-founder and Chief Operating Officer, Nicolai Eddy, described these achievements as transformative for the company's Nigerian operations. "Securing our IMTO licence and integrating directly with NIBSS is a pivotal moment for NALA in Nigeria," Eddy stated. He emphasized that trust is paramount in global payments and that this accomplishment reflects NALA's commitment to regulatory standards and collaboration with trusted national institutions.
Eddy further highlighted that Nigeria represents NALA's largest payment volume market in Africa and serves as the biggest remittance hub in sub-Saharan Africa. The licence enables cheaper and faster transfers from Europe, the United Kingdom, and the United States into Nigeria by allowing direct integration with the national clearing infrastructure while reducing intermediaries.
Enhancing Transaction Efficiency and Compliance
By holding a direct licence and integrating with Nigeria's central payment switch, NALA aims to eliminate multiple third-party intermediaries that traditionally slow remittance flows. This move is expected to improve transaction success rates and enable 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 both individuals and businesses.
Through the NIBSS integration, 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. This integration is part of NALA's mission to build "payments for the next billion" by delivering faster, more affordable, and highly reliable cross-border payment solutions for Nigerians in the diaspora.
Nigeria's Dominant Remittance Landscape
Data presented during the briefing underscores Nigeria's critical role in diaspora remittances:
- Record Inflows: Nigeria received approximately $23 billion in remittances in 2025, the highest level recorded in five years.
- Regional Leadership: The country accounts for roughly 35 percent of remittance flows into Sub-Saharan Africa.
- Economic Impact: Remittance inflows have averaged about 80 percent 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, positioning it as one of the fastest-growing consumer markets globally.
- Digital Growth: Digital remittance channels are expanding rapidly, with an estimated 15.92 percent annual growth rate.
Strategic Importance and Business Model
NALA's West Africa country manager, Brian Edwards, emphasized Nigeria's strategic importance 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 noted.
He also commended the Central Bank of Nigeria for recent efforts aimed at stabilizing the naira, highlighting that exchange-rate stability boosts confidence among diaspora users sending funds to the country. Edwards explained that NALA operates a dual business model: its consumer remittance platform, NALA, and a business-to-business payment infrastructure known as Rafiki. Through Rafiki, major global remittance companies like 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 added. Rafiki enables businesses to manage foreign exchange and last-mile disbursement efficiently while ensuring compliance with local regulations. The new IMTO licence allows NALA to operate closer to Nigeria's payment rails, providing more efficient and cost-effective remittance services.
Interactive Demonstration and Future Outlook
The event featured an interactive question-and-answer session with journalists and a live demonstration showcasing the speed and ease of sending money through the NALA platform. This included a volunteer-based test transfer designed to highlight real-time transaction validation and error prevention features. Eddy concluded by expressing appreciation to NALA's customers, noting that their trust and participation remain central to the company's growth and its broader mission of improving global financial access.
