Grey, a Y Combinator-backed fintech, has just received approval from the Central Bank of Nigeria to operate as an International Money Transfer Operator. The licence allows Grey to process inbound transfers from abroad, with recipients paid out in naira. It covers person-to-person, business-to-person, and business-to-business transfers, meaning Nigerians receiving money from family overseas, foreign employers, or international clients can all be served through the platform.
The approval puts Grey in a crowded room. Nigeria's IMTO market now has over 100 CBN-licensed operators, including global names like Western Union, MoneyGram, Remitly, Sendwave, and WorldRemit. Local fintechs are also in the mix: LemFi, Flutterwave, Paga Remit, and Raenest are all chasing the same opportunity.
The prize is real though. Nigeria received about $22.8 billion in personal remittances in 2025, according to the World Bank. That figure signals genuine demand, even if the competitive pressure is intense. Moniepoint's decision to shut down its MonieWorld remittance product in August is a reminder that the market is not easy to crack, no matter how large it looks on paper.
Grey's next move will be the one to watch. Getting the licence is one thing. Turning it into a profitable slice of a $22 billion market is another story entirely.
Originally published by TechCabal.