Nigeria based fintech, Raenest, has announced that it has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria.
The licence is an official approval from the Central Bank of Nigeria (CBN) to operate as an International Money Transfer Operator (IMTO).
Making the announcement in a statement, Victor Alade, CEO and Co-founder of Raenest said;
“We are thrilled to have received the IMTO licence from the Central Bank of Nigeria”
The company also shared the news on its linkedIn page with a post that read:
“Exciting News! 🚀 Raenest has secured an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria! “
About Raenest
Raenest is a modern financial management tool for African remote workforce talent and global businesses, that removes the pain around contracting, invoicing, and payment
Founded in 2021 with Headquarters in Ikeja, Lagos , the fintech company helps African businesses manage global expenses and receive money efficiently with US business bank accounts, corporate cards, and a multi-currency wallet system.
How It Works
With Raenest, 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 caters to African freelancers, creators, contractors, and remote workers.
It offers USD, GBP, or EUR bank accounts for them to receive payments from foreign clients without unnecessary fees, and with virtual cards that work everywhere.
Raenest’s range of financial services include:
- International Money Transfers: Fast and secure transfer of funds across borders, supporting multiple currencies and ensuring competitive exchange rates.
- Global Bank Accounts: Provision of US, 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.
Presently, Raenest caters to over 500,000 African professionals and businesses in receiving and transferring funds.
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.
The IMTO licence further enhances the company’s commitment to financial inclusion and economic growth across Africa.
It authorises Raenest to provide efficient, secure, and cost-effective cross-border payment solutions,
Reiterating the significance of this milestone achievement, Alade said,
“With this licence, we can now offer an even broader range of solutions to help our customers on Raenestand Geegpay navigate the global financial landscape with ease.”
The company is set 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.
