Pesa, one of Nigeria’s leading cross-border payment services, has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), enabling it to process inbound transfers from abroad to individuals and businesses in Nigeria.
The licence marks a significant milestone for the company, underscoring its unwavering commitment to delivering secure, efficient, and compliant financial services for customers sending money across borders.
Notably, it enables Pesa to enhance its presence in one of Africa’s largest remittance markets, strengthening its ability to connect people, families, and businesses across borders.
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Speaking on this achievement, Tolu Osho, CEO/Co-founder at Pesa, said,
“This achievement marks a significant step forward in our mission to make money transfers seamless, transparent, and accessible. We are excited about the opportunities this opens for our customers and partners, and we look forward to continuing to expand our reach and impact in the global remittance space.”
With this newly acquired licence, Pesa is now able to:
- Establish direct partnerships with Nigerian banks, payment processors, and global networks.
- Remove unnecessary intermediaries, enabling faster and efficient transactions.
- Offer our trusted services directly to the Nigerian market, improving rates, transfer speed, and overall customer satisfaction.
Founded in 2021 by Tolu Osho, Yusuf Yakubu, and Adewale Afolabi, Pesa (formerly Pesapeer) emerged to bridge the gap between unfavourable exchange rates and unsafe informal transfers.
From its launch, Pesa’s mission has been clear: to build a secure, affordable platform for international money transfers. Today, it enables users to send and receive funds across more than 40 countries, including Nigeria, Ghana, India, the UAE, the Philippines, and the United States, processing transactions within minutes.
Its services include multi-currency wallets, international transfers, and instant transaction processing, solidifying its position as a fintech disruptor in Africa. The timing of Pesa’s growth aligns with a significant increase in remittances to low-and middle-income countries (LMICs), which rose by 38% over the past six years, reaching $656 billion by the end of 2023. The World Bank predicts further growth in 2024 and 2025, driven by the demand for fast, affordable, and reliable remittance services.
Pesa is licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), reinforcing its adherence to global compliance standards.
With a vision to make cross-border payments free, fast, and secure, Pesa has expanded into 27 European countries, the US, UAE, and India, with plans to introduce virtual cards for seamless, currency-free payments. The company is also rolling out enhanced business solutions for SMEs engaged in cross-border trade.
In June, Pesa further strengthened its international footprint by acquiring UK-based Authoripay Emoney, expanding its reach in Europe. This license will provide full banking functionality, allowing the fintech to offer more affordable services, issue and hold e-money on behalf of customers, and develop new products. Today, it serves a community of over 25,000 users across Canada, Nigeria, and the UK, enabling free, instant transfers to more than 50 countries.
Competing with industry players like Leatherback, LemFi, Eversend, and Nala, Pesa is positioning itself as a major force in the global borderless payments space, transforming the way individuals and businesses move money worldwide.