Global payments company NALA has secured an International Money Transfer Operator license from the Central Bank of Nigeria, marking a major step toward improving how money moves into the country. Alongside this approval, the company has completed a direct integration with the Nigeria Inter-Bank Settlement System, allowing it to connect directly to Nigeria’s financial system.
This development is expected to make cross-border payments faster, cheaper and more reliable for millions of Nigerians, especially those in the diaspora who send money home regularly. By removing reliance on third-party providers, NALA is positioning itself to deliver smoother transactions with higher success rates and near-instant settlements.
For a country where remittances play a critical role in everyday life, the impact of this initiative could be significant. It addresses long-standing challenges around high fees and delays, which have often reduced the value of money sent back home.
Building a Faster and More Reliable Payment System
The new license allows NALA to operate fully within Nigeria’s regulated financial environment. This not only strengthens trust but also enables the company to expand its services to individuals and businesses with full compliance.
At the same time, its integration with NIBSS places the company at the core of Nigeria’s payment infrastructure. This means funds can now be sent directly to local bank accounts and mobile wallets in real time, improving both speed and security.
Benjamin Fernandes, Founder and CEO of NALA, described the milestone as a major achievement for the company. He highlighted that Nigeria is one of the largest and most complex remittance markets in the world, which made it a strategic focus for NALA. He also noted that with this approval, the company now holds 14 licenses, positioning it among the most licensed fintech firms at its stage across the regions it serves.
Nicolai Eddy, Co-founder and COO of NALA, emphasized that securing the IMTO license and integrating directly with NIBSS reflects the company’s strong commitment to regulatory standards and trust. He pointed out that Nigeria remains central to NALA’s mission and that the direct integration is designed to ensure transactions are faster, more affordable and more transparent for users who depend on cross-border payments.
Unlocking Value in Africa’s Largest Remittance Market
Nigeria remains one of the most important remittance markets globally, making this expansion timely. In 2025 alone, the country recorded $23 billion in remittance inflows, the highest level in five years. It also accounts for about 35 percent of all remittance flows into Sub-Saharan Africa.
These inflows are not just numbers. They are a key part of the economy, often exceeding foreign direct investment and foreign aid. In fact, remittances have averaged about 80 percent of Nigeria’s federal budget in value, showing how critical they are to households and businesses.
With a population expected to reach over 242 million by 2026, Nigeria continues to grow as one of the world’s most dynamic consumer markets. At the same time, digital channels for sending money are expanding quickly, with an annual growth rate of nearly 16 percent. This creates a strong opportunity for companies like NALA to scale their services.
By improving speed, lowering costs and increasing transparency, NALA’s latest move could help keep more value within the economy. For families, this means receiving more of what is sent. For businesses, it creates a more predictable and efficient way to manage cross-border transactions.
Beyond Nigeria, NALA is continuing to expand its global footprint, with licensed operations across Africa, Europe, the UK and the United States, and growing infrastructure in Asia. Its focus on local partnerships and strong financial systems is helping it build a network that supports real-time payments at scale.
As the demand for faster and more affordable remittances grows, this milestone places NALA in a stronger position to serve both individuals and enterprises. More importantly, it signals a shift toward a more efficient payments ecosystem, one where sending money across borders becomes less of a burden and more of a bridge.
