Following a comprehensive review by the Central Bank of Nigeria (CBN), Fincra has proudly secured an International Money Transfer Operator (IMTO) license, solidifying its role in facilitating cross-border payments for Nigerian businesses and individuals. This landmark approval allows Fincra to incorporate international remittance services into its platform, enhancing its product portfolio to serve the Nigerian market more effectively.
Throughout the approval process, Fincra emphasized its unwavering commitment to regulatory compliance, implementing robust anti-money laundering (AML) and counter-terrorism financing (CTF) protocols. This stringent compliance not only safeguards financial transactions but also reassures Fincra’s customers and partners of the company’s adherence to international financial standards. The IMTO license ensures that all transfers processed through Fincra are secure and transparent, aligning with the CBN’s regulatory framework.
Since launching in October 2021, Fincra has actively delivered seamless local payment solutions for businesses in Nigeria, continuously enhancing the efficiency and security of transactions within the country’s fintech ecosystem. The IMTO license is a pivotal development, expanding Fincra’s capabilities to efficiently handle the transfer of funds from the international community to recipients in Nigeria. This offering is particularly relevant for the Nigerian diaspora and local consumers, providing a smoother channel for remittances.
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Wole Ayowole, Chief Executive Officer of Fincra, highlighted the significance of this license in achieving the company’s mission to simplify global money movement. “This IMTO strengthens our ability to make sending money across borders as easy as sending a text message. We’ve been dedicated to this mission since 2021, and this milestone marks the beginning of a new chapter in our journey to enable seamless international payments. We are excited to continue working towards ensuring that cross-border payments reach every individual in the payment chain,” Ayowole shared.
The IMTO licence not only enables Fincra to facilitate cross-border payments but also positions the company to further expand its service offerings. In addition to the license, Fincra is preparing to launch several new products aimed at boosting international transactions for businesses and individuals alike.
Among these offerings is Fincra’s Multicurrency Account—a Banking as a Service (BaaS) solution that will allow businesses to process payments in multiple currencies, starting with USD and Euro, with plans to expand into additional currencies. This service will streamline remittances, cross-border e-commerce, and work-related payments, particularly benefiting local talent working with international clients.
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