Money Services Business Licence in Nigeria
Africa's largest economy, IMT licence. CBN regulated. Capital from NGN 2B+. Typical timeline 6 to 12 months.
Speak to a licensing expert
Tell us the business, the markets and your timing. Every enquiry is answered the same business day, with a written proposal: the licence, the requirements, the cost and the timeline.
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Why Nigeria for Your Money Services Business Licence?
Nigeria is Africa's largest economy and the continent's biggest remittance market, making it essential for firms targeting African money transfer corridors.
The Central Bank of Nigeria regulates international money transfer operators (IMTOs). Nigeria is the largest recipient of remittances in Africa.
Licence requirements
Detailed requirements
Minimum capital NGN 2 billion. CBN licensing approval required. AML/CFT frameworks and operational requirements.
Application process
Regulatory Strategy
We assess your business model and regulatory position to develop a clear licensing strategy.
Business Plan
We prepare a comprehensive business plan meeting the regulator's expectations.
Programme of Operations
Detailed programme of operations covering governance, compliance, and operational arrangements.
Compliance Framework
Full AML/CFT framework, compliance monitoring programme, and risk management policies.
Application Submission
We compile and submit the complete application package to the regulator.
Regulator Review
We manage all regulator communications and information requests during the review period.
Authorisation
Upon approval, we support your transition to live operations.
Process detail
6 to 12 months.
Nigeria vs United Kingdom
| Criteria | Nigeria | United Kingdom |
|---|---|---|
| Capital | NGN 2B+ | No requirement |
| Timeline | 6 to 12 months | 1 to 3 months |
| Regulator | CBN | HMRC |
| Key Feature | Africa's largest economy, IMT licence | Straightforward registration, AML focus |
Related services
Licensing & Authorisation
Full-service licensing advisory from strategy to authorisation.
Compliance Support
Ongoing compliance frameworks tailored to your regulatory obligations.
Financial Crime
AML, KYC and financial crime prevention programmes.
Ready to get started?
Every enquiry is answered the same business day, with a written proposal.
Speak to a licensing expertFrequently asked questions
The capital requirement for a money services business licence in Nigeria is NGN 2B+. Minimum capital NGN 2 billion. CBN licensing approval required. AML/CFT frameworks and operational requirements.
The typical timeline for a money services business licence in Nigeria is 6 to 12 months. 6 to 12 months.
Nigeria is Africa's largest economy and the continent's biggest remittance market, making it essential for firms targeting African money transfer corridors.
After receiving your money services business licence in Nigeria, you must maintain ongoing compliance with regulatory requirements including safeguarding of customer funds, regular regulatory reporting, maintaining adequate capital, updating AML and compliance frameworks, and cooperating with supervisory reviews and inspections.
Most jurisdictions require local substance for a money services business licence. In Nigeria, you will typically need a registered office, at least one locally resident director, and potentially additional operational staff. We can advise on the exact requirements and help you establish the minimum viable local presence.
A money services business licence in Nigeria provides access to the domestic market. Africa's largest economy, IMT licence. Separate authorisation may be required for other jurisdictions.