CadRemit has been granted an International Money Transfer Operator (IMTO) licence by the Central Bank of Nigeria (CBN).
This enables the fintech company to offer inbound international money transfer services to the West African country.
The company described this approval as a key regulatory accomplishment, one that will make it more compliant in Nigeria's developing cross-border payment industry.
“The IMTO license is a major regulatory milestone for us,” Xavier Boakye, chief executive officer, said. “It validates the work we’ve put into building a compliant, secure, and trustworthy platform for our users.”
With the IMTO approval, CadRemit now joins a group of licensed operators strictly regulated by the CBN.
CadRemit announced that it is eager to deepen innovation and grow its influence in Nigeria's fintech sector.
It went to say it has positioned itself as a solution to the complexities Nigerians face when receiving money from abroad.
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