An International Money Transfer Operator (IMTO) licence has been issued by the Central Bank of Nigeria (CBN) to Crown Agents Bank, a subsidiary of CAB Payments Holdings Plc.
This operating licence is part of the strategies to develop meaningful relationships with key central banks and regulators in important markets.
A statement from Crown Agents Bank said under the IMTO licence, it would expand its payment capabilities in Nigeria, including Diaspora remittances and other international inflows.
The company also said the authorisation to operate as an IMTO has placed it to offer more solutions to a wider range of clients, particularly non-bank financial institutions.
“We are delighted to have secured the International Money Transfer Operator licence from the Central Bank of Nigeria, following the work we have done to build our relationship as a trusted partner.
“It represents the continued momentum we are building at CAB to extend our offering to our clients, drive improved performance, resilience and sustainable growth,” the chief executive of CAB Payments, Neeraj Kapur, stated.
CAB Payments Holdings Plc, a UK-based firm, specialises in FX and cross-border payments for hard-to-reach markets.
Its strength of network and deep expertise means it can move money into and out of the world’s most complex financial markets.
Trusted by a global ecosystem of leading institutions across the public, private and development sectors, Crown Agents Bank’s strength lies in its network which connects its clients to underserved geographies, giving them access to 100+ currencies across 700+ currency pairs.
The delivery of fast, transparent and efficient transactions moves money where it’s needed. Crown Agents Bank’s network offers multiple transaction solutions, delivered via a single API, digital trading platforms, or through bespoke approaches developed by its specialist teams.