Registrations and partner licences,market by market.
See how Nilos operates in each market, in one table. Then see where client money sits and how we screen payments.
FINTRAC-registered MSB, C100000178 · SOC 2 Type II · Segregated client accounts
Registered in Canada,partnered in each market.
This is the map your due diligence will check, market by market.
| Market | How Nilos operates | Regulator | Reference |
|---|---|---|---|
| Canada | Nilos Canada Ltd, a registered money services business (MSB) | FINTRAC | Registration C100000178 |
| European Union | EU accounts through Modulr Finance B.V., an electronic money institution (EMI) | De Nederlandsche Bank | Shared in due diligence |
| Nigeria | Partnership with a CBN-licensed IMTO | Central Bank of Nigeria | Shared in due diligence |
| Senegal | Nilos is an ASP of a BCEAO-licensed bank | BCEAO (Central Bank of West African States) | Shared in due diligence |
| Kenya | Nilos is an ASP of a CBK-licensed microfinance bank. The partner bank holds a CBK no-objection letter. | Central Bank of Kenya | Shared in due diligence |
| Other markets | 25 licensed banking partners across our corridors | Local regulators | Shared in due diligence |
Where money sits,and how data is protected.
Client funds sit apart from Nilos's own operating money. An independent auditor tests our security controls.
Segregated client accounts
Your funds sit in segregated accounts at licensed partner banks. Your compliance team gets the bank behind each balance during due diligence.
- Separate from Nilos's own funds
- In your client's name where the rail allows, otherwise in Nilos's name, with a unique reference per client
- Bank names shared in due diligence
SOC 2 Type II audited
An independent auditor tested our controls across a full audit period. The report and our policies are in the trust center.
- SOC 2 Type II report on request in the trust center
We rely on your KYBif you're regulated.
We onboard you once. Regulated banks, remitters and PSPs already run KYB on their clients, so your clients don't send documents twice.
Your company
We run KYB on your business once, at onboarding, alongside the integration.
Your clients
Where you are regulated, we rely on your KYB. Each client is onboarded once and reused on every payment.
Bank requests
If a partner bank asks for information, we handle it directly with you.
We screen and monitor every payment.
Compliance runs inside the payment flow. We check each payment before it moves and monitor activity after it lands.
- Sanctions and watchlist screening on sender and beneficiary
- Transaction monitoring on every corridor
- Regulator reporting where the law requires
Compliance questionsfrom due diligence calls.
Is Nilos a licensed company?
Nilos is registered in Canada and works through licensed partners in its other markets.
- Canada: Nilos Canada Ltd is registered with FINTRAC as a money services business (MSB), registration C100000178.
- Nigeria: Nilos works in partnership with a CBN-licensed IMTO.
- Senegal: Nilos is an ASP of a BCEAO-licensed bank.
- Kenya: Nilos is an ASP of a CBK-licensed microfinance bank.
- European Union: EU accounts run through Modulr Finance B.V., an EMI authorised by De Nederlandsche Bank.
Nilos is not a bank.
Which licence covers our account?
It depends on the currency and where the account sits. EU accounts come through Modulr Finance B.V., authorised by De Nederlandsche Bank. African accounts sit with licensed partner banks in each country.
What can we show our regulator?
The licence map above, our SOC 2 Type II report and the setup in each market. We can walk your compliance team through it on a call.
Where does our money sit?
In segregated client accounts at licensed partner banks, separate from Nilos's own funds.
Do you need KYC on our senders and merchants?
Not if you are regulated. Our reliance model uses the KYC and KYB you already hold. Each payout still needs beneficiary details.
How long does compliance onboarding take?
About six weeks to go live. Compliance onboarding runs alongside the two-week integration.
Can we see your SOC 2 report?
Yes. Request it through the trust center.
Will you sign an NDA before due diligence?
Yes. Ask our team when you book the call.
Bring your compliance team.We'll bring ours.
We'll walk through the licence map, the reliance model and your due diligence questionnaire.