Grey, the payments company Nigerian freelancers and remote workers use to receive dollars, pounds and euros, has been approved by the Central Bank of Nigeria to operate as an International Money Transfer Operator. The licence lets Grey bring money from abroad into Nigeria directly through its own regulated rails, for individuals and businesses, with payouts in naira.
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"Securing CBN approval to operate as an IMTO is an important step for Grey in Nigeria," said chief executive and co-founder Idorenyin Obong.
What the licence allows
An International Money Transfer Operator, or IMTO, is a company licensed by the CBN to receive money sent from other countries into Nigeria. With the approval, Grey can:
- Process inbound transfers into Nigeria itself, rather than relying only on partners.
- Handle person-to-person payments, business-to-person payouts such as salaries, and business-to-business transfers.
- Connect more international payment corridors to Nigeria.
The licence covers money coming in, not going out. Under the CBN's IMTO rules overhauled in January 2024, licensed operators must pay inbound remittances out in naira, cannot send money out of Nigeria and cannot hold domestic deposits.
How IMTO licensing works
The CBN's January 2024 guidelines raised the bar for new operators. Foreign-owned applicants pay a $1 million application fee, and approval comes in two stages: an approval-in-principle first, then a final licence. A licensed operator must renew every year, on or before 31 January. The tougher regime is meant to keep inbound money in a small number of well-capitalised, closely supervised firms, and Grey now joins that group.
Who Grey is
| Founded by | Idorenyin Obong and Joseph Femi Aghedo |
| Headquarters | San Francisco |
| Backers | Y Combinator |
| Users | More than 3 million |
| Payments processed | Nearly $5 billion |
| Volume growth | 170% year on year |
| Other registrations | FinCEN money services business (US), FINTRAC and Retail Payment Activities Act provider (Canada) |
The approval comes days after Grey launched Paycheck, a salary account for Nigerians earning in dollars, pounds and euros, with an introductory 3% savings yield and higher transaction limits.
Why the licence matters
Nigeria received about $22.8 billion in personal remittances in 2025, according to World Bank figures Grey cites. The CBN wants that money to come in through licensed channels, which is why it rewrote the IMTO rules in 2024.
For Grey, the licence moves it from a company that leans on partners in Nigeria to one that holds its own approval from the regulator. That matters when the CBN tightens rules, because unlicensed or partner-dependent apps are the first to be squeezed.
Grey is not alone. Raenest announced an IMTO licence in July 2024 and Cleva in March 2025, and the race to serve Nigerians who earn abroad is crowded.
What it means for freelancers and remote workers
If you are paid by foreign clients or employers, three things are worth knowing:
- Money coming home will land in naira. The CBN rules require naira payouts for inbound remittances, so plan around the exchange rate on the day you convert.
- A licensed operator is safer. An app with its own CBN approval is less likely to be cut off by a rule change than one that depends entirely on a partner.
- Compare total cost, not headline fees. Look at the exchange rate you receive and any withdrawal charges together. Two apps with the same fee can pay you very different amounts in naira.
What to watch
- Corridors: which countries Grey connects directly to Nigeria first.
- Rates: whether owning its rails lets Grey offer better naira rates than rivals.
- Paycheck uptake: whether the salary account pulls more remote workers onto the platform.
Grey now holds its own CBN licence to bring money into Nigeria. For the millions paid in foreign currency, that means a more stable route home, paid out in naira.
