NALA, a fast-growing African fintech company, has entered Nigeria’s remittance market after securing an International Money Transfer Operator license from the Central Bank of Nigeria, marking a significant step in its expansion strategy.
The approval enables the company to operate in one of the world’s largest and most competitive remittance corridors, as it seeks to strengthen its presence across Africa’s financial ecosystem.
Alongside the license, NALA confirmed it has completed a direct integration with the Nigeria Inter-Bank Settlement System, the core payments infrastructure supporting the country’s banking and transaction network.
The integration is expected to improve the speed and reliability of cross-border remittances, reduce transaction friction for users, enable smoother and more transparent fund settlements, and support bank-direct payouts with fewer intermediaries. By connecting directly to the system, NALA aims to deliver a more efficient service compared with operators that rely on third-party infrastructure.
Founder and chief executive Benjamin Fernandes said Nigeria’s scale, regulatory complexity, and high remittance volumes made it a strategic priority for the business.
He emphasised that operating in such a demanding environment reinforces the company’s focus on building resilient, compliant, and enterprise-grade payment systems capable of supporting high-volume corridors.
Fernandes noted that Nigeria’s remittance landscape requires platforms able to manage high transaction volumes, strict regulatory oversight, fraud prevention demands and customer expectations for near-instant payouts. He added that the company’s pursuit of a direct license and infrastructure integration reflects a long-term commitment to the market.
The chief executive also disclosed that NALA now holds 14 regulatory licenses globally, positioning it among the most licensed fintech start-ups at its stage in the markets where it operates. This regulatory footprint, he said, strengthens the company’s ability to scale compliant services across multiple jurisdictions.
NALA views regulatory discipline as a key differentiator in an industry where trust, compliance, and operational resilience are critical to sustained growth.
The company described its Nigeria license as part of a broader strategy to build modern remittance and payment infrastructure for emerging markets. It aims to expand access to lower-cost cross-border transfers, improve transparency in payments, and provide financial tools that better support migrants and their families.
With Nigeria now added to its licensed operations, NALA is positioning itself to compete more strongly in Africa’s busiest remittance corridors while continuing to develop infrastructure to support global diaspora payments.
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