CAB Payments has announced that Crown Agents Bank has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN).
Through this, CAB Payments, which is the holding company for Crown Agent Bank (CAB), seeks to advance its strategy to develop relationships with central banks and regulators in high-potential markets. By receiving the licence, Crown Agent Bank solidifies its position and is set to be able to provide more solutions to a wider range of clients, especially to non-bank financial institutions.
Furthermore, under the IMTO licence, Crown Agents Bank will scale its payment capabilities in Nigeria, including diaspora remittances and other international inflows. Commenting on the achievement, representatives from CAB Payments emphasised that securing the IMTO licence from the Central Bank of Nigeria follows the company’s work on developing its relationship as a trusted partner. Additionally, the receipt of the authorisation underlines Crown Agents Bank’s commitment to extending its offering, as well as scaling performance, resilience, and sustainable growth.
Regulated in the UK, Crown Agents Bank focuses on FX and cross-border payments for hard-to-reach markets. The company’s expertise allows it to move money into and out of financial markets. Crown Agents Bank’s network provides multiple transaction solutions, offered through a single API, digital platforms, or via bespoke approaches developed by its teams.
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Back in August 2024, CAB teamed up with Visa to deliver global payment solutions, with the collaboration initially focusing on the final stage of payment processes known as the last mile. Previously, Visa leveraged CAB to offer FX liquidity for high-value transactions, including bank-to-bank transfers and large institutional payments in specific regions. The partnership was set to integrate CAB’s network, which supported over 100 currencies and more than 700 currency pairs, with Visa Direct. The integration aimed to facilitate cost-effective, lower-value payments in emerging markets, enabling direct settlement into the recipient’s chosen card, account, or wallet.
