Multigate, a licensed financial services platform company specializing in innovative digital solutions for corporate and financial institutions, has achieved significant milestones by securing Money Remittance Business licenses from the Bank of Uganda and an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria.
These licenses reinforce Multigate’s commitment to providing innovative digital solutions while adhering to strict regulatory and security standards.
These achievements complement Multigate’s existing Money Services Business (MSB) registration with Canada’s FINTRAC.
Eghosa Nehikhare, CEO of Multigate, expressed gratitude for the thorough review processes conducted by the Bank of Uganda and Nigerian authorities, ensuring compliance with all requirements.
Nehikhare emphasized Multigate’s dedication to regulatory compliance, underscoring the importance of the remittance industry in driving Africa’s economic progress and bolstering regional and global trade for African organizations.
Multigate’s cross-border payment solutions empower both Banking Financial Institutions (BFIs) and Non-Banking Financial Institutions (NBFIs) to execute real-time international payments using local currencies.
Over the past year, Multigate has secured various regulatory licenses and certifications to align with its mission of delivering solutions governed by rigorous regulatory and security standards.
In 2023, Multigate achieved several significant milestones, including becoming the first Pan-African-based technology company to be certified as a SWFT Lite2 Business Application Provider (L2BA).
]The company also obtained ISO 20000, 22301, and 27001 certifications, showcasing its commitment to service quality, reliability, service management, business continuity, and information security.
These certifications reflect Multigate’s dedication to delivering high-quality services while effectively managing risks and safeguarding sensitive information.
According to data from the World Bank, remittances played a substantial role in Nigeria’s economy, contributing approximately $20 billion in 2022.
Uganda, with its thriving economy and growing diaspora population, received $1.1 billion in remittances during the same period.
It is anticipated that Uganda’s remittance growth rate will outpace that of Nigeria, given its promising economic prospects and expanding diaspora community.
Multigate’s achievement of these licenses positions the company to play a pivotal role in facilitating secure and efficient cross-border payments in Uganda and Nigeria, ultimately contributing to the economic development and financial inclusion of these nations.
