Pesa, a leading bootstrapped Nigerian cross-border payment service, has acquired an IMTO licence from the Central Bank of Nigeria (CBN). This licence allows the company to process the transfer of funds from abroad to individuals or entities in Nigeria.
While Pesa enters a highly competitive remittance market, the startup aims to differentiate itself with a customer-centric and fee-free approach. “This IMTO license shows our commitment to the Nigerian market and our adherence to regulatory standards,” Pesa said.
During the process of the acquisition, Pesa proved its commitment to regulatory compliance by implementing anti-money laundering (AML) and counter-terrorism financing (CTF) measures, along with strong policies, procedures, and systems to prevent illicit financial activities.
Pesa’s commitment comes at a time when the remittance market is experiencing growth. In 2023, the value of remittances globally amounted to an estimated $883 billion, according to Statista, and is expected to reach $913 billion by 2025.
Founded in 2021 by Tolu Osho, Pesa enables users to send or receive money across more than 40 countries, including Nigeria, Ghana, India, UAE, and the Philippines, and the United States, with transactions processed within minutes. The cross-border payment company also offers multi-currency wallets, international transfers, and instant transaction processing, positioning the company at the forefront of fintech disruption in Africa.
Pesa was born out of frustration with unfair exchange rates. Tolu Osho needed to send money to Nigeria from Canada to support his brother’s dreams of studying abroad. However, he was frustrated by unfair exchange rates and felt vulnerable using an unsecured platform. He then reached out to Yusuf Yakubu and Adewale Afolabi, who together formed Pesa.
Even as a bootstrapped company, “Pesa’s goal right off the bat was to enable users to send money in the most secure and fastest way possible while eliminating fees and to ‘remove borders around money,” Osho said. He envisions a future where sending money across borders is as seamless as sending a text message. By offering competitive exchange rates and scrapping hidden fees, users can send more money home.
At a panel session hosted by Lagos Tech Fest 2025 in February, Tolu Osho spoke on a panel themed “Tough times don’t last, tough startups do: An uphill battle for VC funding in Africa.” He shared how Pesa successfully scaled without external funding. As a fully bootstrapped startup, Pesa has expanded to several countries, including a launch in Europe, while remaining unaffected by the VC funding downturn.
He emphasised cost efficiency, advising startups to minimise expenses by leveraging cloud credits and seeking grants. Achieving product-market fit (PMF) quickly, he noted, is crucial for validating ideas and attracting investors. He recalled launching Pesa’s services before the mobile app was ready, allowing for early market validation and revenue generation.
Tolu also noted the need to run a lean operation, hiring only when necessary to maintain sustainability. His key message was that startups can thrive by focusing on efficiency, early validation, and disciplined financial management, even without external funding.
The company is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), showing its commitment to complying with strict compliance standards, anti-money laundering, and counter-terrorist financing requirements, guaranteeing that every transaction is protected with a user-friendly app.
The company’s vision for the future is to localise international money transfers by making it free, fast, and secure. After its recent launch in 27 new European countries, the United States, UAE, and India, Pesa is developing virtual cards that will enable users to make payments without needing to convert currencies.
The platform will also roll out enhanced business solutions, supporting small and medium-sized enterprises that rely on cross-border trade. Pesa is quickly establishing itself as a major player in the borderless payments space. These developments have the potential to transform the way people move money globally and set Pesa as a major competitor against Leatherback, LemFi, Eversend, and Nala.
