Muva Networks Secures CBN IMTO Licence for Remittances

In Short

• Muva Networks has secured an International Money Transfer Operator, IMTO, licence from the Central Bank of Nigeria.
• The fintech says it processed over $200 million in 2025.
• The licence expands what Muva can do in regulated remittances, FX, and multi-currency accounts.

What Happened

Muva Networks has received an IMTO licence from Nigeria’s central bank. An IMTO licence allows a company to legally provide inbound and outbound international money transfers, which most people know as remittances.

Muva Networks was founded in 2021 by Akitoye “Ajebutter” Balogun. The company started as infrastructure for other fintechs and remittance firms, operating as a liquidity provider, meaning it supplies foreign currency and helps firms balance their treasury so they can complete payouts and settlements.

Balogun said Muva previously supported high-volume OTC trades. OTC means “over the counter,” which is a direct trade between parties instead of a public exchange.

With the new IMTO licence, Muva says it can issue multi-currency virtual accounts, facilitate currency exchange, and remit funds. A virtual account is like a bank account number that can receive money, even when it is managed through an API or a fintech dashboard rather than a traditional branch.

Muva also has registration with Canada’s FINTRAC as an MSB, or money services business. The company says this helps it secure international partnerships for cross-border “rails,” meaning the networks that move money between countries.

Why It Matters

Nigeria has seen a rush of companies into cross-border payments and remittances, driven by demand for dollar access and foreign payouts. The CBN has also increased licensing and enforcement in recent years, and the number of IMTOs has grown sharply.

For businesses, regulated remittance licences matter because they can reduce compliance risk and improve access to banking partners. For the ecosystem, more licensed players can increase competition, but it also raises the bar on reporting, controls, and anti-money laundering processes.

Muva’s licence positions it to move from being a behind-the-scenes liquidity layer to offering regulated remittance services directly, across Nigeria and the other African markets where it operates.