NALA Secures IMTO License and NIBSS Integration to Transform Cross-Border Payments in Nigeria

Precious Olowookere

Mar 20, 2026 • 1 min read

NALA’s expansion into Nigeria is part of its mission to “Build Payments for the Next Billion.” With regulatory approval and infrastructure integration in place, the company plans to scale operations across Africa.

An international transfer platform, NALA is entering into the Nigeria market after securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN) and completing direct integration with the Nigeria Inter-Bank Settlement System (NIBSS).

This move positions NALA to deliver faster, cheaper, and more reliable remittance services to millions of Nigerians. The NALA platform can also be linked to local banks and mobile wallets in a seamless method through direct connection with NIBSS. NIBSS is a foundation of Nigeria’s financial payments infrastructure, which allows a fast fund settlement.

While speaking on this development, NALA’s co-founder and COO Nicolai Eddy, mentioned that;

The accomplishment was crucial to the long-term goals of the business. He highlighted that having direct access to Nigeria's banking system improves reliability and guarantees that consumers receive lower fees and better transaction success rates.

As a result, there is no longer a need for intermediary businesses, which has historically raised costs and slowed down cross-border transactions. Also for Nigerians who make transactions outside the country, will have access to a secured, affordable way to send money back home. Local Recipients can have instant access to funds in bank accounts and mobile wallets.

For Nigeria’s Economy, this will strengthen its remittance inflows, which are a critical source of foreign exchange and household income.

About NALA

Benjamin Fernandes established NALA in Tanzania in 2017. With a focus on remittances from Africa and the diaspora, NALA is a fintech startup that facilitates cross-border payments for individuals and businesses. It is renowned for creating quick, dependable, and affordable payment infrastructure that links African nations to international markets.

The company started as a mobile money management tool that helped consumers in monitoring and controlling their finances. With an emphasis on facilitating the transfer of funds between the diaspora and African markets, it subsequently shifted into international remittances.

Sign up for more like this.