NALA Secures IMTO License and NIBSS Integration in Nigeria

NALA, a fast-growing fintech company focused on simplifying payments for emerging markets, has achieved a major milestone with the acquisition of an International Money Transfer Operator (IMTO) license in Nigeria, alongside a successful integration with the Nigeria Inter-Bank Settlement System (NIBSS). This development positions the company to significantly enhance the efficiency, speed, and accessibility of cross-border payments into Nigeria.

The IMTO license, granted by the Central Bank of Nigeria (CBN), enables NALA to operate legally as a provider of inbound international remittance services. This allows the company to directly facilitate money transfers from abroad into Nigeria, eliminating reliance on intermediaries and reducing transaction costs for users.

In tandem with the licensing, NALA has completed integration with NIBSS, the backbone infrastructure that powers interbank payments in Nigeria. This integration allows NALA to deliver funds directly into recipients’ bank accounts in real time, ensuring faster settlement and improved reliability.

Speaking on the development, NALA representatives emphasized that the dual achievement marks a critical step toward fulfilling the company’s mission of building reliable payment rails for Africa. By combining regulatory approval with deep infrastructure connectivity, NALA aims to address long-standing challenges in the remittance ecosystem, including high fees, delays, and limited transparency.

Nigeria remains one of the largest recipients of remittances in Africa, with billions of dollars flowing into the country annually from its diaspora. However, traditional remittance channels have often been plagued by inefficiencies. NALA’s entry into the space with direct IMTO capabilities and NIBSS connectivity is expected to increase competition and drive improvements across the industry.

For consumers, the benefits are immediate: faster transfers, lower costs, and a more seamless user experience. For businesses and financial institutions, the development opens up new opportunities for partnerships and innovation in payment services.

Industry analysts note that this move aligns with broader trends in Africa’s fintech sector, where companies are increasingly seeking regulatory licenses and infrastructure integrations to deepen their market presence and improve service delivery.

As NALA continues to expand its footprint, the company’s latest achievement reinforces its role as a key player in reshaping cross-border payments and advancing financial inclusion in Nigeria and beyond.

SOURCE: AGENCIES