Grey gets CBN licence to handle transfers into Nigeria
Y Combinator-backed Grey has approval from the Central Bank of Nigeria to process inbound international transfers paid out in naira, according to TechCabal.
The facts
- Grey, a Y Combinator-backed cross-border payments company, is now approved by the Central Bank of Nigeria as an International Money Transfer Operator, according to TechCabal.
- The licence covers person-to-person, business-to-person and business-to-business transfers coming into Nigeria, with recipients paid in naira, Grey said.
- Nigeria has more than 100 CBN-approved operators, including Western Union, MoneyGram, Remitly, Sendwave and WorldRemit. Nigeria received about $22.8 billion in personal remittances in 2025, per the World Bank.
- Moniepoint shut down its MonieWorld product in August. Grey launched Paycheck, a product for people earning in foreign currency, on October 28.
Case notes · Danny's take
Why it matters
A licence is not a business. With over 100 approved operators, Grey is joining a crowded room. But the money is real: about $22.8 billion came into Nigeria in 2025, and a lot of it is families and freelancers who care about rate and speed, not brand. Moniepoint's exit from the same space shows that volume alone does not make remittances profitable. The licence gets Grey in. Margins decide whether it stays.
For builders
If you build for people paid in dollars, pounds or euros, the regulated rails keep widening. Watch Grey's naira rates, payout speed and fees against the older players. Those will show whether a licence can beat an incumbent, or only match it.
Not financial advice. Do your own investigation.
This story was summarised with AI from TechCabal's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.