Nigerian Fintech Raenest Secures CBN Approval to Operate as International Money Transfer Operator

Raenest, a Nigerian fintech company dedicated to helping African businesses manage global expenses and receive payments efficiently through US business bank accounts, corporate cards, and a multi-currency wallet system, has announced its official approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO).

This milestone ushers in a new era for Raenest as it expands its offerings to include seamless international money transfers for its growing customer base. The IMTO license empowers Raenest to deliver efficient, secure, and cost-effective cross-border payment solutions, reinforcing its commitment to financial inclusion and economic growth across Africa.

Speaking on this, Victor Alade, CEO and Co-founder of Raenest said,

“We are thrilled to have received the IMTO licence from the Central Bank of Nigeria. This approval underscores our dedication to providing innovative financial services that meet the needs of businesses and individuals in Africa. With this licence, we can now offer an even broader range of solutions to help our customers on Raenest and Geegpay navigate the global financial landscape with ease.”

This approval by the CBN is a testament to Raenest’s robust compliance standards, security measures, and commitment to providing exceptional service.

Raenest is financial technology company helping African startups get more control over their growing global financial operations. The company understands Africa and helps its customers do the heavy lifting in today’s ever complicated financial world.

Already, over 500,000 African professionals and businesses rely on Raenest suites of products to receive and transfer funds. The company is poised to leverage this new capability to further drive financial growth for businesses, freelancers, creators, and independent contractors in Nigeria.