Multigate secures money transfer business licenses for Uganda and Nigeria

by MMC
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LONDON, October 05, 2023 (GLOBE NEWSWIRE) — Multigate, a licensed financial services platform company that provides secure and innovative digital solutions to meet the complex financial needs of businesses and financial institutions, has been granted a business license of money transfer through the Bank of Uganda and an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This marks another significant milestone in Multigate’s commitment to providing innovative digital solutions governed by leading regulatory and security standards. These money transfer business licenses are in addition to Multigate’s Money Services Business (MSB) registration with Canadian FINTRAC.

The acquisition of a money transfer business license from the Bank of Uganda and the Central Bank of Nigeria, following that of Canada, further strengthens our position as a trusted solutions provider who takes regulations seriously. We thank the Bank of Uganda and Nigeria for the diligent and rigorous review process they put us through to ensure we met all requirements. The remittance sector is crucial to advancing the African economy and strengthening regional and global trade of African organizations. With these licenses, we are excited and ready to expand our cross-border payment solution to our valued customers and partners in Uganda and Nigeria,” said Eghosa Nehikhare, CEO of Multigate.

Multigate’s cross-border payment solutions enable banking financial institutions (BFIs) and non-banking financial institutions (NBFIs) to execute international payments in real-time using local currencies. Over the past few months, Multigate has acquired several regulatory licenses and certifications that align with its mission to provide solutions governed by leading regulatory and security standards.

In 2023 alone, it became the first pan-African technology company to be certified as a SWIFT Lite2 Business Applications Provider (L2BA), with ISO 20000, 22301 and 27001 certifications. In a July 2023 press release, Eghosa Nehikhare said declared: “…These certificates demonstrate our willingness to invest in service quality from the outset, ensuring the reliability of our products, as well as our commitment to service management, business continuity and information security. These certifications highlight the company’s commitment to providing high-quality services, effectively managing risks and protecting sensitive information.

According to World Bank data, remittances brought about $20 billion to Nigeria and $1.1 billion to Uganda in 2022. While Nigeria accounts for 38% of remittances in sub-Saharan Africa, Uganda’s remittance growth rate is expected to double that of Nigeria. . Uganda has a thriving economy and a growing diaspora, which presents immense opportunities for the remittance sector in the country.

Notes to editors:

  • Founded in 2017, Multigate is a digital financial services platform that offers innovative solutions to meet the complex financial needs of organizations trading in African markets.

  • Our innovative digital solutions include:

    • Cross-border payment solution

    • Currency conversion solution

    • Multi-bank connector solution

    • Automated reconciliation solution

  • We operate in the UK, Canada and sub-Saharan Africa.

  • Our vision is to advance the African economy by enabling transparent and instant transactions for African market organizations trading regionally and globally.

  • Visit https://www.multigate.io/ for more details.

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