Recently, Crown Agents Bank has acquired an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN), a significant development for CAB Payments, its holding company.

This achievement is aimed at advancing CAB Payments’ strategy to build relationships with central banks and regulators in high-potential markets. With this new license, Crown Agents Bank is better positioned to offer a broader range of services, particularly to non-bank financial institutions.

Through the IMTO license, Crown Agents Bank plans to expand its payment capabilities within Nigeria, including handling diaspora remittances and international funds. Representatives from CAB Payments highlighted that securing this license underscores their commitment to becoming a trusted partner in the market. The authorization also demonstrates the bank’s dedication to enhancing performance, resilience, and sustainable growth.

Crown Agents Bank is regulated in the UK and specializes in foreign exchange (FX) and cross-border payments for hard-to-reach markets. Its network supports over 100 currencies and more than 700 currency pairs, providing multiple transaction solutions through a single API, digital platforms, or custom approaches developed by their teams.

Recent Developments at Crown Agents Bank

In August 2024, CAB Payments partnered with Visa to provide global payment solutions. Initially, the partnership focused on the final stage of payment processes known as the last mile. Previously, Visa used CAB to supply FX liquidity for high-value transactions in specific regions, including bank-to-bank transfers and large institutional payments.

The integration aimed to make cost-effective, lower-value payments in emerging markets more accessible by enabling direct settlement into recipients’ chosen cards, accounts, or wallets. This collaboration is expected to further enhance the services offered by Crown Agents Bank.