Raenest Secures IMTO licence from Central Bank of Nigeria to process international transfer

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Raenest, a fintech that helps African businesses manage global expenses and receive money efficiently with US business bank accounts, corporate cards, and a multi-currency wallet system, is proud to announce that it has received official approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO).

This significant milestone marks a new chapter for Raenest as it expands its services to facilitate seamless international money transfers for its growing base of customers. The IMTO licence authorises Raenest to provide efficient, secure, and cost-effective cross-border payment solutions, further enhancing its commitment to financial inclusion and economic growth across Africa. 

“We are thrilled to have received the IMTO licence from the Central Bank of Nigeria,” said Victor Alade, CEO and Co-founder of Raenest. “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.”

Raenest also holds a Money Services Business (MSB) Licence in Canada, further solidifying its position as a trusted provider of financial services on a global scale. 

Raenest’s comprehensive suite of financial services includes:

  • International Money Transfers: Fast and secure transfer of funds across borders, supporting multiple currencies and ensuring competitive exchange rates.
  • Global Bank Accounts: Provision of USD, GBP, and EUR bank accounts for African businesses and professionals to facilitate international transactions.
  • Corporate Cards and Multi-Currency Wallets: Enhanced financial management tools for businesses to manage expenses and streamline operations.

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

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.

For more information about Raenest and its services, please visit www.raenest.com or contact press@raenest.com.

About Raenest: Raenest helps African businesses manage global expenses and receive money efficiently with US business bank accounts, corporate cards, and a multi-currency wallet system. Businesses can create US checking accounts, transfer money to over 50 countries, create up to 20 currency-based wallets, and manage spending with virtual cards.

Geegpay by Raenest offers African freelancers, creators, contractors, and remote workers USD, GBP, or EUR bank accounts to receive payments from foreign clients without unnecessary fees, along with virtual cards that work everywhere.