Grey has announced approval to operate as an International Money Transfer Operator in Nigeria. The development adds to public interest in faster and more formal ways to send money into the country.
For users, the right response is to understand the service before moving funds. A licence announcement does not remove the need to compare rates, fees, timing, support, and transaction limits.
What an IMTO does
An International Money Transfer Operator handles cross-border remittances. This includes money sent from people abroad to recipients in Nigeria, as well as business payment flows where the provider supports them.
CBN rules require IMTO-related transactions and settlements to move through designated naira settlement accounts with authorised dealer banks in Nigeria. The rules focus on traceability, compliance, and proper settlement.
What users should compare
- The exchange rate offered before you confirm.
- Every stated fee, including sender, receiving, and conversion charges.
- Expected delivery time and the receiving method.
- Identity requirements and transaction limits.
- Customer support options if a transfer is delayed.
Keep every record
Save the transaction reference, confirmation email, receiving account details, and any support conversation. These records help when you need to trace a transfer.
Stay alert for scams
Fraudsters often copy the names and logos of financial services. Do not send money to a personal account after receiving a message that claims to be from support. Open the official app or website yourself and verify any request through an official channel.
More options are useful only when users stay informed and choose services with care.
Read the CBN’s guidance on IMTO settlement rules.
Share this article