Grey Gets CBN Approval to Operate as an IMTO in Nigeria

In Short

Grey has received approval from the Central Bank of Nigeria to operate as an International Money Transfer Operator in Nigeria.

What Happened: Grey Gets an IMTO Licence for Inbound Transfers

Grey, a cross-border payment platform backed by Y Combinator, has received approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO) in the country.

An IMTO is a licensed provider that can facilitate cross-border money transfers. Grey said the approval allows it to facilitate inbound international money transfers into Nigeria, covering person to person, business to person, and business to business payments.

Grey enables individuals and businesses to own and manage multi-currency accounts in USD, GBP, and EUR. The company supports transfers to more than 170 destinations and also provides access to virtual cards.

Disrupt Africa previously reported the startup was enabling direct payouts to Senegal, Ivory Coast, Cameroon, and Rwanda. Grey said the CBN approval gives it a stronger foundation to grow its remittance operations in Nigeria, expand its links to international payment corridors, and serve individuals and businesses receiving funds from abroad.

“Securing CBN approval to operate as an IMTO is an important step for Grey in Nigeria. It strengthens our ability to facilitate inbound international transfers and reflects our long-term commitment to building reliable financial infrastructure for individuals and businesses operating across borders,” said Idorenyin Obong, CEO and co-founder of Grey.

Why It Matters: More Regulatory Coverage for Grey

Grey said the Nigerian approval adds to its existing regulatory credentials in North America.

The company is registered as a Money Services Business (MSB) with FinCEN in the United States, and with FINTRAC in Canada. It is also registered as a payment service provider in Canada under the Retail Payment Activities Act.