NALA has obtained an IMTO license in Nigeria and has partnered with NIBSS to accelerate the development of payment services

The fintech company NALA has announced that it has reached a significant milestone in its expansion into the Nigerian market after obtaining an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This milestone represents a significant step in the company’s efforts to strengthen its position in one of the largest and most competitive money transfer markets in the world.

NALA has also confirmed that it has completed direct integration with NIBSS, Nigeria’s central payment infrastructure. This integration is expected to improve the efficiency, speed, and reliability of cross-border payments, enabling smoother transactions within the country’s financial ecosystem.

According to Benjamin Fernandes, founder of NALA, the company decided to expand its operations in Nigeria due to the size and complexity of the local money transfer market. He noted that operating in such a demanding environment demonstrates the company’s commitment to creating robust payment solutions tailored to markets characterized by high transaction volumes and strong demand.

Fernandes also revealed that NALA currently holds 14 licenses worldwide, making it one of the most heavily licensed fintech companies at this stage of development across all regions where it operates. He described this achievement as part of the company’s broader strategy to expand access to seamless, affordable, and reliable cross-border payment services.

The company emphasized that this milestone is just the beginning of its journey toward growth, as it continues to work on building a payment infrastructure designed to support global money transfers and financial inclusion in emerging markets.