Cleva secures IMTO licence from Nigeria’s central bank amid unclear regulations
- Cleva has been granted an IMTO license from the Central Bank of Nigeria.
- The IMTO license allows Cleva to conduct secure inbound international money transfers to Nigeria.
- Cleva aims to eliminate payment barriers for Nigerians with its new license.
Cleva's acquisition of the IMTO license is a significant step forward for the fintech landscape in Nigeria, potentially paving the way for other fintechs to navigate the regulatory environment. However, the ambiguity surrounding the CBN's stance on fintechs and IMTO services raises questions about the future of such licenses and the operational landscape for similar companies.
