Lagos, Nigeria – August 14, 2025
Reports claiming that a fintech firm named Graph has received a Central Bank of Nigeria (CBN) license to operate as an international money transfer operator (IMTO) have been found to lack credible verification.
A review of official CBN announcements, regulatory filings, and industry reports revealed no record of any licensing for “Graph.” The apex bank, which regulates Nigeria’s financial sector, has in recent months halted the issuance of new IMTO licenses to fintech startups and introduced stricter capital and compliance requirements for cross-border payment operators.
The last confirmed IMTO license went to Africhange, through its Nigerian subsidiary Currenzo, allowing it to process inbound remittances directly. Other fintech companies such as Kora (Korapay) hold Payment Solution Service Provider (PSSP) licenses, but none are named Graph.
Industry experts warn that unverified claims about regulatory approvals could mislead investors and customers in Nigeria’s rapidly growing financial technology market.
The CBN has also stepped up enforcement, imposing significant fines on operators including Paystack, OPay, and Moniepoint for regulatory breaches, while reviewing the entire fintech licensing framework to tighten oversight.
As of press time, neither the CBN nor any credible industry source has confirmed the existence or licensing of a company called Graph.
