International money transfers are an important source of financial support for households, connecting Nigerians abroad with families and businesses at home. They also enable professionals to receive earnings from overseas and businesses to access payments from international markets.
According to World Bank data, Nigeria received approximately $22.8 billion in personal remittances in 2025, highlighting the scale of these financial flows and their importance to the country’s economy. As these transfers continue to connect Nigeria to the global economy, the availability of efficient, transparent, and properly regulated channels remains essential to ensuring funds reach their intended recipients connection between the country and the global economy.
Against this backdrop, Grey, the Y Combinator-backed cross-border payments company, has secured approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO) in Nigeria.
The approval authorises Grey to facilitate inbound international money transfers into Nigeria, connecting senders abroad with individuals and businesses in the country. This includes person-to-person, business-to-person, and business-to-business transfers, in line with the CBN’s regulatory requirements.
For Grey, this creates a stronger foundation to develop its remittance operations in Nigeria, expand its connections to international payment corridors and serve individuals and businesses receiving funds from overseas.
The CBN approval adds to Grey’s regulatory presence in North America. In the United States, Grey is registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN). In Canada, the company is registered as an MSB with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and as a payment service provider under Canada’s Retail Payment Activities Act (RPAA).
Together, these regulatory credentials reflect Grey’s continued investment in building cross-border payment infrastructure within the regulatory frameworks of the markets in which it operates.
