Finlogic receives CBN approval to operate as IMTO

The Central Bank of Nigeria (CBN) has granted an International Money Transfer Operator (IMTO) licence to Finlogic, enabling the company to receive international remittances directly into Nigeria. The approval forms part of the CBN’s effort to increase formal foreign exchange inflows and achieve a monthly remittance target of $1 billion by 2026.

With the licence, Finlogic is authorised to process inward transfers without relying on intermediary operators. This allows funds sent by Nigerians abroad to enter the country through direct channels, supporting the CBN’s strategy to strengthen foreign exchange supply and improve transparency within the financial system.

Commenting on the approval, Joseph Afolabi, Founder and Chief Executive Officer of Finlogic, said, “Our commitment is to ensure that the contributions of Nigerians abroad are integrated into the domestic economy with absolute integrity. This IMTO licence serves as a seal of trust, allowing us to provide a dependable gateway for inward transfers that directly contribute to Nigeria’s broader macroeconomic objectives.”

Diaspora remittances remain a key source of foreign currency for Nigeria. By expanding the number of licensed IMTOs, the CBN aims to formalise these flows and reduce reliance on informal transfer methods. The move is also expected to support currency stability by ensuring remittances pass through regulated banking routes.

Finlogic operates under a Money Services Business (MSB) licence in Canada, creating a regulated transfer corridor between North America and Nigeria. The dual-licence structure enables the company to meet compliance requirements across jurisdictions while supporting cross-border settlement processes.

Afolabi added that the company’s focus over the past seven years has been on addressing settlement gaps within cross-border payments. “We have built a technology-led infrastructure designed to remove the friction associated with inward capital flows. By working closely with local banking partners, we are supporting the CBN’s mandate to maintain a transparent and robust foreign exchange market.”