Cross-border payments fintech Grey has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), according to an announcement made public on November 2, 2026. The approval allows the company to process funds sent from overseas to recipients in Nigeria as competition grows in the country’s cross-border payments market.
The licence covers transfers between individuals as well as payments from businesses to individuals and other businesses. Recipients in Nigeria are paid in naira under the country’s regulatory framework. For Grey, the authorisation expands the services it can provide to professionals earning income abroad, families receiving remittances and companies dealing with overseas partners.
The company has also been expanding its offering for customers paid in foreign currencies. On October 29, it introduced Paycheck, a product designed to bring the receipt and management of those earnings into one service. Grey says it serves more than three million users across 70 countries, and the Nigerian licence now adds a regulated route for incoming transfers.
New settlement rules for inward transfers
The approval follows a revision of the CBN’s international money transfer framework in January 2024. In March 2026, the central bank also required licensed operators to use designated naira settlement accounts with authorised banks. Payments to recipients and related settlements must be routed through those accounts, bringing transfer flows within a defined banking and supervisory framework.
Grey was already registered as a money services business with FinCEN in the United States and FINTRAC in Canada. Its Nigerian licence strengthens the regulatory basis for serving customers receiving funds into the country as individuals and businesses increasingly use digital platforms for cross-border payments.