Recently, Crown Agents Bank has acquired an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), as reported by CAB Payments. This development is a significant milestone for CAB Payments, which serves as the holding company for Crown Agents Bank.
CAB Payments’ Strategy
By obtaining this license, Crown Agents Bank intends to strengthen its strategic focus on establishing relationships with central banks and regulators in high-potential markets. This move is expected to enhance the range of services it can offer, particularly to non-bank financial institutions.
The new IMTO licence allows Crown Agents Bank to expand its payment capabilities in Nigeria, including handling diaspora remittances and other international funds flows. Representatives from CAB Payments highlighted that securing this license reflects their ongoing efforts to build a trusted partnership with the Central Bank of Nigeria.
Background on Crown Agents Bank
Crown Agents Bank is regulated in the UK, where it specializes in foreign exchange (FX) and cross-border payments for challenging markets. The bank’s extensive network supports over 100 currencies and more than 700 currency pairs.
