Grey, the fintech started by two Nigerians to help remote workers get paid from abroad, now has a licence to bring that money home itself. The company has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria, The Condia reports. It comes days after Grey launched Paycheck, its salary account for Nigerians paid in dollars, pounds and euros.
An IMTO licence covers inbound transfers only. It lets Grey receive money sent to Nigeria from abroad and pay it out to recipients in naira, giving it a direct route into the inbound remittance market rather than relying on partners for the last step. Grey says it has more than 3 million users in 70 countries, and it is also registered with FinCEN in the US and FINTRAC in Canada.
Related · AI and Tech StakGrey Launches Paycheck for Workers Paid in DollarsGrey's new salary account splits foreign pay into spending and savings, pays up to 3% on USD savings and is Grey's first step into credit.A crowded, cheaper field
Getting in has become cheaper for foreign operators but more expensive to keep up. In January 2024 the CBN cut the minimum capital for foreign IMTOs to $1 million, from about $12.8 million (₦2 billion) under the 2014 rules, while raising the application fee from ₦500,000 to ₦10 million, adding an annual renewal fee of ₦10 million and splitting approval into two stages, The Condia reports.
Fintechs have followed. Raenest announced its IMTO licence in July 2024 and Cleva got one in March 2025, Techpoint Africa reported at the time, though the CBN has never spelled out how its rules apply to fintechs as opposed to traditional transfer companies.
