![Benjamin Fernandes, founder and CEO of NALA [Picture credit: Benjamin Fernandes on X]](https://lh3.googleusercontent.com/Y0g9DUqlLNoRyVm_q1vj4sjSej1l8VExdPPvTl636wB5CT5nqSLvGle656sevtu_DVU4TR143HX42V_EMYUQIaT9iMHYPwLIuFtbDw)
NALA has secured an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN), alongside a direct integration into the Nigeria Inter-Bank Settlement System (NIBSS).
The expansion into one of the continent’s most competitive markets marks the 14th licence secured by the company globally.
Founded in Tanzania, the firm now has a presence in Kenya, Senegal, the UK, the Netherlands, and the US.
Securing the IMTO license and integrating directly with NIBSS is a pivotal moment for it in Nigeria, says Benjamin Fernandes, founder and CEO of NALA.
“Nigeria is one of the largest remittance markets in the world, and one of the hardest to operate in. That is exactly why we leaned in. Today, we are 14 licenses in, making NALA one of the most licensed fintechs globally at our stage in the regions we service and are we are just getting started as we build payments for the next billion.”
He notes that the move enables the venture-backed fintech to move money faster and with fewer intermediaries, allowing customers to experience near-instant transfers into Nigeria from Europe, the US, and the UK.
By connecting directly to the NIBSS, the organisation aims to enhance the efficiency of cross-border payments and enable seamless transactions within the national financial landscape. Nigeria is a cornerstone market for the company's global expansion, says Nicolai Eddy, co-founder and COO of NALA.
The milestone forms part of NALA’s Next Billion strategy. This ambition aims to build a modern financial ecosystem for the rapidly growing populations of Africa and other emerging markets, projected to reach 2.5 billion people by 2050.
The strategy is developed on the belief that current payment systems are only 1% built. Long-term success requires owning the underlying infrastructure rather than relying on existing third-party rails, the firm says.
The move is expected to lower costs over time by linking directly with local financial institutions. This is particularly significant as Nigeria’s remittance inflows reached $23 billion in 2025, accounting for approximately 35% of all flows to Sub-Saharan Africa.
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