Grey secures CBN approval to operate as an international money transfer operator in Nigeria

Grey, a cross-border payments company backed by Y Combinator, has received approval from the Central Bank of Nigeria to operate as an international money transfer operator. The approval covers inbound transfers into Nigeria: person-to-person, business-to-person and business-to-business.

Idorenyin Obong is CEO and co-founder. Grey is registered as a money services business with FinCEN in the United States and with FINTRAC in Canada, where it is also registered as a payment service provider under the RPAA.

The article cites World Bank data showing Nigeria received about $22.8 billion in personal remittances in 2025. Obong called the approval an important step for Grey in Nigeria. No funding amount, user figures or launch date were given.