RightCard Secures IMTO License from Central Bank of Nigeria

RightCard Payment Services Limited, a Lemonade Technology Inc. subsidiary, has obtained an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN).

This milestone achievement demonstrates Lemonade Technology Inc’s (LemFi) commitment to providing secure and efficient services while complying with the regulatory framework set by the Central Bank of Nigeria.

As a licensed IMTO provider in Nigeria, RightCard Payment Services can now partner directly with banks, without intermediaries to offer its services in Nigeria which in turn enables a much better experience for customers sending money to Nigeria.

LemFi is already licensed as an Electronic Money Institution with the Financial Conduct Authority in the United Kingdom. Building on its global success and expertise, RightCard brings its innovative digital money transfer services to customers in various markets through the LemFi app.

LemFi’s user-friendly platform, with competitive exchange rates and fast transactions, has made it a preferred choice for millions of customers in the United Kingdom, Canada and the United States. Commenting on the license acquisition, LemFi’s Country Manager, Dolapo Omotoso, stated,

“We are delighted that RightCard has received its CBN’s license, which is a testament to our commitment to compliance and dedication to serving the Nigerian market.

“This milestone strengthens our position as a leading international money transfer operator and demonstrates our goal of empowering individuals by providing seamless, secure, and affordable money transfer services.”