Nigeria’s Grey secures CBN approval to operate as IMTO

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

Grey enables individuals and businesses to easily own and manage multi-currency accounts in USD, GBP, and EUR, supporting transfers to more than 170 destinations. It also offers access to virtual cards.

Disrupt Africa reported in September the startup was now enabling direct payout to Senegal, Ivory Coast, Cameroon and Rwanda, and the CBN approval now allows Grey to facilitate inbound international money transfers into Nigeria, covering person-to-person, business-to-person and business-to-business payments.

Grey said the licence 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.

The Nigerian approval adds to Grey’s 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, where it is also registered as a payment service provider under the Retail Payment Activities Act.

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