Often not, for the payout itself. In the markets below, a licensed local firm pays the recipient. It is a bank, a payment provider or a remittance operator. You act as its foreign partner. Some regulators still want to know you. Ghana has required foreign remittance operators to register with its central bank since 20 January 2026.
General information, not legal advice. Rules checked on 28 October 2026. Confirm them with your partners and local counsel.
This guide is for remittance companies, EMIs and payment companies licensed outside Africa. You collect money abroad. You need it to land in Nigeria, Ghana, Kenya or the XOF zone. The last leg runs through a local payout partner.
What does your home licence cover?
A licence or registration at home sets your duties at home. Each regulator below licenses payment services on its own territory.
- Nigeria. The CBN licenses foreign IMTOs as well as Nigerian companies.
- Kenya. The 2013 remittance rules license only companies incorporated in Kenya.
- WAEMU. A payment institution must have its head office in a member state.
- Ghana. In June 2024, the central bank said it does not license foreign operators. Since 2026, it registers them as international money transfer operators (IMTOs).
Your home licence still matters. Ghana registers a foreign operator only if it is licensed or registered at home as a remittance company. Ghanaian payment providers must also check that you are licensed at home.
Three ways to pay out in an African country
| Model | Who holds the local licence | What you need | Where you see it |
|---|---|---|---|
| A licensed partner pays out | The local bank, payment provider or remittance operator | Your home licence and the partner's due diligence on you | Kenya, WAEMU. Nigeria, through a Nigerian IMTO with CBN approval. In Ghana, only after you register. |
| You register as a foreign operator | Your local agent, a bank or payment provider | Your home licence or registration, a registration file, fees, an approved agent | Ghana, since January 2026 |
| You get your own local licence | You. Kenya and WAEMU require a local company. | Minimum capital and a licence review. Nigeria asks foreign IMTOs for US$1 million in share capital. | Nigeria, Kenya, WAEMU |
The first model needs no local licence of your own. The trade-off is dependence on your partner's approvals. In Ghana, you now also need your own registration. Under a June 2026 notice, operators that missed the 31 July 2026 deadline lose their Ghanaian partnerships.
The rules by country, as of 28 October 2026
| Market | Main rule and date | Foreign sender with a local partner | What changed in 2025 and 2026 |
|---|---|---|---|
| Nigeria | CBN revised guidelines for international money transfer services, approved 31 January 2024. IMTOs handle inbound transfers only. Banks and fintechs cannot hold the licence. Foreign IMTOs need US$1 million in share capital. Nigerian ones need the naira equivalent. | A Nigerian IMTO that takes a foreign technical partner needs prior CBN approval. That partner must be licensed for money transfer at home. | CBN circular of 24 March 2026: IMTOs settle through designated naira accounts at authorised dealer banks. Foreign Exchange Manual, in force 1 June 2026: no wallet payouts for inbound transfers. The 2024 guidelines already named only bank accounts and cash. Cash stays capped at US$200, as in the 2024 guidelines. |
| Ghana | Bank of Ghana IMTO guidelines, December 2025. Inward remittances only, mainly person to person. | Register with the Bank of Ghana. Be licensed or registered at home as a remittance company. Pay out through a bank or payment provider approved as your agent. | Notice of 20 January 2026: registration processing fee GHS 30,000, annual fee GHS 100,000. Notice of 12 June 2026: deadline for existing operators moved to 31 July 2026. |
| Kenya | Money Remittance Regulations, 2013. A licensee is a Kenyan company with KES 20 million core capital. Banks fall outside these rules. | Licensed operators may use agents, with CBK approval. Ask your partner which licence covers your flow. | National Payment System Bill, 2026. It would admit foreign companies and set KES 30 million for remittance providers. Comments closed on 9 October 2026. It is not law yet. |
| WAEMU (XOF) | BCEAO Instruction 001-01-2024 of 23 January 2024. Firms without a bank, e-money or microfinance licence need payment institution approval for transfers. Capital is at least XOF 100 million for most services. | Banks, e-money issuers and microfinance institutions pay out under their own licences. Partnerships are allowed, but not exclusivity clauses. | No instruction amends it as of 28 October 2026. BCEAO notices of 2024 and 2025 set its transition period. Instruction n° 020 of 8 October 2026 amends the separate e-money rules. |
The Nigeria row relies on law-firm summaries by Aluko & Oyebode, UUBO and DOA Law. The CBN's own PDFs were not readable when this guide was checked. For the naira side of inbound money, see how to receive dollars in Nigeria as a business.
Remittance licences and business payouts are not the same
Check who receives the money before you pick a route. The remittance rules differ on business payouts.
- Ghana. IMTOs serve mainly individuals, on a person-to-person basis. They may not pay into business or corporate accounts.
- Nigeria. The 2024 guidelines allow person-to-person, business-to-person and business-to-business transfers. All of them are inbound only.
- Kenya. A licensed remittance operator deals in both inbound and outbound transfers.
Paying a seller, supplier or contractor may need a different licence than a family remittance. Ask your partner which licence covers each flow, before the first payment. Business payouts also bring their own document checks. See KYB documents for cross-border payouts.
What will a local partner check about you?
Ghana writes the checks down. Its guidelines of 25 August 2025 list what a payment provider must confirm first.
- You are licensed for money transfer by a competent authority at home.
- You have no adverse findings for illegal or improper business practices.
- Your home country enforces AML rules in line with FATF standards.
- You have a track record in well-regulated markets.
- The provider pays out only traffic from the country where you are licensed. Hubs and aggregators need Bank of Ghana approval, with a file on each participant.
The Ghana registration file asks for more. It includes your home licence and shareholding. It covers board and management profiles and your beneficial owners. It needs internal controls, a transaction flow diagram and a complaints process. Use it as a checklist for partners in other markets. Some partners may also ask whether they can rely on your KYC for your senders.
When does a local licence make sense?
Ask four questions before you apply anywhere.
- Who holds the money in the country, and for how long?
- Is your customer a person abroad, or a resident of the country?
- Does money only come in, or does it also go out?
- Does your partner's licence cover every one of those legs?
If the answer points to you, or to a resident customer, talk to local counsel. A licence also brings local duties. Kenya asks for KES 20 million in core capital. WAEMU asks for at least XOF 100 million for transfers. Nigerian IMTOs file daily, weekly and monthly returns with the CBN.
Local payout licences FAQ
Can a foreign money transfer operator pay out in Ghana without registering?
No. A Bank of Ghana notice of 20 January 2026 requires registration. Existing operators had until 31 July 2026. Those that missed it lose their partnerships with Ghanaian banks and PSPs.
Does a Nigerian IMTO licence allow outbound transfers?
No. The CBN's revised guidelines, approved on 31 January 2024, limit IMTOs to inbound transfers. Since 1 June 2026, inbound transfers cannot be paid to wallets.
Can a foreign company get a money remittance licence in Kenya?
No, not under the 2013 rules, which require a company incorporated in Kenya. The National Payment System Bill, 2026 would admit foreign companies with a certificate of compliance. It is not law yet.
What capital does a payment institution need in WAEMU?
XOF 100 million for most payment services, under BCEAO Instruction 001-01-2024. The approval decision can set a higher amount.
How long does approval take?
Up to 90 days in Ghana, counted from a complete registration file. In WAEMU, the BCEAO has six months from a complete payment institution file. There, the six months start again once you answer a request for more information. It is nine months if your home supervisor must give a non-objection.
For remittance companies
Need payouts across Africa? Nilos pays out in 100+ local currencies plus SWIFT. Talk to our team about your corridors.