The Central Bank of Nigeria has granted NALA an International Money Transfer Operator licence, giving the fintech a direct route into one of Africa’s most important remittance markets.
The approval allows NALA to operate as a fully regulated provider in Nigeria and connect straight into the Nigerian Inter-Bank Settlement System, cutting out layers that often slow down cross-border transfers and add cost.
That direct link matters because it changes the economics of sending money into Nigeria from markets such as the UK, the US, and Europe.
With fewer intermediaries in the chain, transfers can settle faster and more reliably, while the company can keep fees low by relying on foreign exchange margins rather than charging customers the kind of standard transfer fees that many rivals depend on.
For a market that receives billions of dollars in annual inflows, the difference in speed and pricing can shape where diaspora users choose to send money.
NALA’s leadership framed the licence as a major step in its expansion strategy, with Nigeria now firmly at the centre of the company’s growth plans.
Also read, Why NALA’s Stablecoin On-Ramp Push Could Define Payments in Africa
Benjamin Fernandes described Nigeria as one of the largest remittance markets in the world and one of the toughest to serve, while Nicolai Eddy said the licence gives the company the governance structure needed to work more closely with local institutions and move money into Nigerian bank accounts and mobile money wallets with less friction.
What stands out here is how the approval fits into a broader shift in African fintech. The winning model is no longer only about building a user-friendly app.
It is about getting licensed, plugging directly into domestic financial rails, and controlling the settlement layer so that cost, speed, and reliability all improve at once.
NALA appears to be pushing in that direction with a growing stack of licences and a payments model that now leans on stablecoin infrastructure behind the scenes through its Rafiki product.
That detail is important because it suggests the company is building two layers of advantage at the same time. One is regulatory legitimacy, which matters in a market like Nigeria.
The other is infrastructure efficiency, where stablecoin rails can help lower operating costs and improve settlement speed without changing the customer-facing experience.
If NALA executes well, the licence may do more than open access to Nigeria. It could strengthen its position as a remittance platform built for scale across Africa’s fragmented payment corridors.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates
