International Money Transfer Operator License Granted to Crown Agents Bank by Nigeria's Central Bank
Crown Agents Bank (CAB) has made a significant stride in its growth and expansion strategy by securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This license will allow CAB to operate in Nigeria's international money transfer market, and more importantly, to expand its services, particularly focusing on enhancing international remittance services.
The Group CEO of CAB Payments, Neeraj Kapur, expressed delight about securing the IMTO license. According to Kapur, the license is part of CAB's strategy to drive improved performance, resilience, and sustainable growth in the Nigerian market.
The IMTO license is a significant step for CAB in its growth and expansion strategy. With this license, CAB Payments can scale their presence in Nigeria’s financial ecosystem by supporting more robust diaspora remittances and international payment flows. The bank plans to broaden its client base, especially targeting non-bank financial institutions in Nigeria to offer a wider range of payment solutions.
By securing the IMTO license, CAB aims to strengthen its presence in the Nigerian market. One of the expanded payment capabilities for CAB in Nigeria will be diaspora remittances. The bank will also focus on other international inflows. With the IMTO license, CAB is expected to contribute to the growth of the Nigerian economy by facilitating international transactions.
Under the IMTO license, CAB will expand its payment capabilities in Nigeria. This move is a continuation of CAB's efforts to extend its offerings to clients. The statement from Neeraj Kapur indicates that the IMTO license will help strengthen CAB's role in cross-border financial infrastructure.
In summary, CAB’s services in Nigeria following the IMTO licence include facilitating international remittances, especially from the Nigerian diaspora. The bank also plans to expand payment solutions to non-bank financial institutions. Additionally, CAB aims to strengthen cross-border payment infrastructure, drive sustainable growth and resilience in Nigeria’s payment ecosystem.
No specific details on branch expansions or new product launches beyond these remittance and payment capabilities were mentioned in the sources. However, the IMTO license marks an exciting development for CAB in Nigeria, and the bank is well positioned to offer more solutions to a wider range of clients.
CAB Payments, following the IMTO license, seeks to provide more robust diaspora remittances and international payment flows, thereby expanding their payment capabilities in Nigeria. The bank's strategy with this license also involves strengthening their role in cross-border financial infrastructure, focusing on investing in the growth and resilience of Nigeria's payment ecosystem.
