The development marks a significant step in the company’s efforts to strengthen its presence in one of the world’s largest and most competitive remittance markets.
Fintech company NALA has announced a major milestone in its expansion into Nigeria after securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. The development marks a significant step in the company’s efforts to strengthen its presence in one of the world’s largest and most competitive remittance markets.
NALA also confirmed that it has completed a direct integration into NIBSS, Nigeria’s central payments infrastructure. The integration is expected to improve the efficiency, speed, and reliability of cross-border payments, enabling smoother transactions within the country’s financial ecosystem.
According to NALA founder Benjamin Fernandes, the company chose to deepen its engagement in Nigeria due to the size and complexity of its remittance market. He noted that operating in such a challenging environment demonstrates the company’s commitment to building robust payment solutions tailored for high-volume, high-demand markets.
Fernandes also revealed that NALA now holds 14 licenses globally, positioning it as one of the most licensed fintech companies at its stage across the regions it operates in. He described the achievement as part of the company’s broader strategy to expand access to seamless, affordable, and reliable cross-border payment services.
The company emphasized that this milestone is just the beginning of its growth journey, as it continues to build payment infrastructure aimed at supporting global remittances and financial inclusion for emerging markets.
