Finlogic gets CBN approval for international money transfers
The Central Bank of Nigeria has granted an International Money Transfer Operator licence to Finlogic. This move allows the company to process remittances directly into Nigeria, supporting efforts to increase foreign exchange inflows. Finlogic says its technology-driven platform will make transfers faster and more efficient. The company also holds a money services business licence in Canada, helping to streamline remittances from North America.
What we know
- The Central Bank of Nigeria has authorised Finlogic to facilitate international money transfers directly into the country.
- The licence aims to boost foreign exchange inflows and bring remittance flows into the formal financial system.
- Finlogic’s CEO, Joseph Afolabi, stated the company prioritises regulatory compliance and technology-led efficiency.
- The firm’s operations are expected to enable faster settlement and improved pricing for both senders and recipients.
- Nigeria remains a major recipient of diaspora remittances, and authorities are encouraging such flows through official channels.
