Scoop: CBN releases list of 108 IMTOs with commercial approval
- The CBN has licensed 108 IMTOs, a significant increase from 15 in 2016.
- The renewed push by the CBN aims to boost dollar inflows into Nigeria.
- Fintechs are leveraging IMTO licenses to engage with regulators for broader use cases.
The rapid increase in licensed IMTOs reflects a growing interest in the Nigerian fintech landscape, but the competition for remittance services may lead to market saturation. It would be beneficial for stakeholders to explore innovative solutions that can differentiate their offerings and expand the use of cross-border payments beyond remittances.
