Wise has secured a Nigerian remittance licence after a decade of challenges. The British fintech can now operate independently in Africa’s largest economy.
The Central Bank of Nigeria approved Wise’s International Money Transfer Operator licence. Moreover, this approval was announced during the ministerial dialogue on March 16, 2026. The development follows years of challenges.
UK-Nigeria Partnership Drives Approval
The licence comes after the UK-Nigeria Enhanced Trade and Investment Partnership. Furthermore, this agreement was signed in February 2024 by Kemi Badenoch. The partnership aims to boost trade and investment between nations.
Bilateral trade between the UK and Nigeria reached £8.1 billion recently. Additionally, this represents a 15.7% increase since the partnership began.
“The Central Bank of Nigeria’s recent approval marks a significant step,” the UK Government stated.
Wise’s Challenging Nigerian Journey
Wise previously operated in Nigeria through third-party partners only. Furthermore, the company lacked its own regulatory licence for years. In December 2020, the Central Bank described Wise as unauthorized.
Despite these challenges, Wise has transferred £600 million to Nigeria. However, relying on partners affected its competitiveness and margins.
Wise resumed Nigerian transfers seven months after a 2024 trade mission.
African Expansion Strategy
Wise hired a Banking and Expansion Manager for Africa in 2025. Furthermore, the company secured its first African licence in South Africa. In December 2025, Wise obtained a Category 2 Authorised Dealer licence.
Nigeria remains the continent’s largest receiving market with $20 billion annually.
The new IMTO licence allows Wise to improve its margins significantly. Additionally, the company can now offer competitive mid-market exchange rates.
Facing Fierce Local Competition
The Nigerian remittance market has changed dramatically since 2015. Moreover, Wise now faces well-funded local competitors like LemFi and Moniepoint. Both Nigerian fintechs have relocated their headquarters to the UK.
LemFi announced a £100 million investment over five years in London. Meanwhile, Moniepoint plans to grow its London team to 100 employees.
These competitors offer remittance services between the UK and Nigeria. Additionally, they possess a deep understanding of Nigerian market dynamics.
Market Implications
Industry observers question whether Wise will launch its full product suite. Furthermore, Nigerian customers may soon access Wise Business accounts and cards. If Wise deploys these products, competition will intensify dramatically.
Increased competition typically benefits consumers through lower fees and faster transfers.
However, Wise’s existing partners may lose business from this development.
Long-Term Commitment
The licence represents Wise’s strongest commitment to Nigeria yet. Moreover, independent operations demonstrate serious long-term market intentions.
Wise can offer true mid-market rates without partner markups now. Furthermore, the company gains flexibility to navigate FX volatility better.
The UK-Nigeria trade partnership facilitated this regulatory breakthrough. Moreover, diplomatic efforts between both governments proved crucial.
Nigerian consumers stand to benefit most from this development. Furthermore, more competition drives innovation and better pricing.