Y Combinator-backed cross-border payments company Grey has received approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO). The approval lets the company handle inbound transfers from abroad under the central bank’s rules. It comes days after Grey launched Paycheck, its salary product, which it unveiled on October 29.
What the approval allows
The licence authorises Grey to receive money sent from overseas and pay it out to recipients in Nigeria in naira. It covers person-to-person, business-to-person and business-to-business transfers, so both individuals and companies can be beneficiaries.
The scope is narrow by design. An IMTO licence applies only to inbound flows. It does not allow Grey to send money out of Nigeria to other countries.
A milestone for a fast-growing platform
Grey began by helping Nigerian remote workers receive dollars. It has since expanded into accounts, cards, savings and credit. The IMTO approval adds a regulatory layer to that product range and gives the company a firmer base for its remittance operations in the Nigerian corridor.
Grey’s chief executive and co-founder, Idorenyin Obong, spoke about the approval at Moonshot 2026. He described regulatory compliance as central to how the company builds and operates, and called the approval an important step for its Nigerian business. The licence adds to the company’s existing regulatory presence in North America.
How the CBN regulates IMTOs
The CBN’s January 2024 guidelines restrict IMTOs to inbound transfers. They require payouts to beneficiaries in naira, through a bank account or in cash. Approval comes in two stages: approval in principle followed by final approval, and the application fee and the annual renewal fee are each ₦10 million.
Why it matters for Nigerian senders and recipients
For families and businesses that rely on money from abroad, more licensed operators means more choice in how funds arrive. Competition among regulated players can also push down costs and improve speed. The CBN has itself said it wants to increase remittance flows through formal channels, which is the policy backdrop for Grey’s approval.
The real test will be execution. Grey now has to show it can turn regulatory clearance into reliable payouts, fair pricing and wider reach for the Nigerian recipients it serves.
