What does it take to get a remittance licence in Nigeria?
To hold a remittance licence in Nigeria, you need the International Money Transfer Operators (IMTO) licence from Central Bank of Nigeria. Published minimum capital: US$1,000,000 for foreign IMTOs; "the equivalent" for indigenous IMTOs. 108 entities currently hold a remittance licence in Nigeria. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“Cross-border remittance” here is the normalized activity: Provide inbound/outbound cross-border money transfer / remittance services under a dedicated licence, approval or registration (IMTO/MRP/MTSP/ADLA-type).
Activity id (as used by the Afriset MCP): fintech:REMITTANCE_XBORDER
International Money Transfer Operators (IMTO)
Central Bank of Nigeria| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | US$1,000,000 for foreign IMTOs; "the equivalent" for indigenous IMTOs Verbatim“Minimum share capital of US$1million for foreign IMTOs and the equivalent for indigenous IMTOs” | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
| Local presence / incorporation | Indigenous IMTOs must be incorporated in Nigeria; all IMTOs must hold approval to operate in other jurisdictions/agency agreement; a Nigerian Authorised Dealer Bank must act as local agent (final approval) Verbatim“Evidence of tax clearance and incorporation documents in Nigeria (for indigenous IMTOs) … the primary object clause shall indicate provision of money transfer services … Approval to operate in other jurisdictions or agency agreement (for all IMTOs) … Names of Authorized Dealer Bank(s) to serve as local agent(s) and copy of agency agreement” | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
| Timeline | Two-phase (AIP → Final). Final-approval application due ≤ 3 months after AIP. No decision SLA stated. Verbatim“The approval shall be in two phases: Approval-in-Principle and Final Approval. … All IMTOs shall submit an application to the CBN for final approval not later than three months after obtaining AIP” | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
| Local ownership | No such requirement: No local-ownership quota. Ownership + beneficial-owner disclosure required. | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
| Fees | ₦10,000,000 non-refundable application + ₦10,000,000 annual renewal (payable on/before 31 Jan) Verbatim“A non-refundable application fee of N10,000,000.00 (Ten Million Naira only)… … …annual renewal at a fee of N10,000,000.00 (Ten million Naira only) … on or before 31st January of the year.” | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
| Ongoing obligations | Annual renewal within Q1; operate through Authorised Dealer Bank local agents; AML/CFT/CPF policies (per FPR/DIR/GEN/CIR/001/061); consumer-protection & dispute-resolution; IT/security policies; business plan/financial projections Verbatim“Renewal of IMTO approval shall be done within the first quarter of every year” | CBN, Guidelines on International Money Transfer Services in Nigeria (Revised — January 2024). | 2024-01 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Who already holds this licence?
108 entities are on the Central Bank of Nigeria register under the International Money Transfer Operators (IMTO) category — view the register .
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