Cross-border payments company Grey has secured approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO), allowing it to facilitate inbound international transfers into the country.
The approval authorises the Y Combinator-backed fintech to process transfers from senders abroad to individuals and businesses in Nigeria. The services will cover person-to-person, business-to-person and business-to-business transactions, subject to the CBN’s regulatory requirements.
The development comes as remittances remain a major source of foreign inflows for Nigeria. World Bank data cited by the company puts the country’s personal remittance receipts at approximately $22.8bn in 2025.
Such transfers provide financial support to households, enable professionals to receive earnings from overseas and help businesses access payments from international markets.
Grey said the regulatory approval would strengthen its remittance operations in Nigeria, expand its connections to international payment corridors and improve its capacity to serve individuals and businesses receiving funds from abroad.
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Commenting on the approval, Grey’s Chief Executive Officer and Co-Founder, Idorenyin Obong, said regulatory compliance remained central to the company’s operations.
“Regulatory compliance is central to how we build and operate our financial services. As we expand across markets, it is important that our operations meet the requirements of the regulators responsible for overseeing them.
“Securing CBN approval to operate as an IMTO is an important step for Grey in Nigeria. It strengthens our ability to facilitate inbound international transfers and reflects our long-term commitment to building reliable financial infrastructure for individuals and businesses operating across borders,” Obong said.
The company also highlighted its regulatory registrations in North America. In the United States, Grey is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN).
In Canada, it is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and as a payment service provider under the country’s Retail Payment Activities Act.
Grey said the registrations reflect its efforts to build cross-border payment infrastructure in compliance with the regulatory requirements of the markets where it operates.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
