CBN Grants Finlog License for International Money Transfers, Boosting Forex Inflow

The Central Bank of Nigeria (CBN) has granted Finlog a license for international money transfers, allowing the firm to process inward remittances directly into the country. This move aims to boost foreign exchange inflow and support macroeconomic stability.

Finlog's founder, Joseph Afolabi, highlighted that the license will enable faster settlement and improve pricing for senders and recipients. The company's operations are built around regulatory compliance and technology-driven efficiency, aligning with CBN's efforts to maintain a resilient foreign exchange market.

Finlog already holds a money service business license in Canada, creating a compliant remittance corridor for North American inflows to Nigeria.