In 2025, Palremit reached a critical milestone by securing a Canadian Money Services Business (MSB) license, with FINTRAC, one of the most recognized compliance frameworks in the global financial ecosystem. This achievement positions Palremit as a trusted player in international payments, enabling Africans to connect seamlessly to global financial networks.
Why the Canadian MSB license matters
This license gives the leverage to operate with EMI institutions and banks as an agent to serve other jurisdictions and countries. The Canadian MSB license is more than just a regulatory requirement—it represents credibility, transparency, and compliance with strict international standards. By obtaining this license, Palremit has gained access to a global framework that reassures financial partners, regulators, and customers.
For African users, this milestone translates to direct benefits:
- Trust and Transparency – Transactions are protected under global anti-money laundering (AML) and know-your-customer (KYC) standards.
- Faster Global Connectivity – The license allows Palremit to integrate more smoothly with banks, payment providers, and platforms across continents.
- Wider Opportunities – Freelancers, remote workers, and businesses in Africa can now transact with international clients and partners with confidence.
Closing the gaps in cross-border payments
According to Jago Emmanuel, Palremits VP of Growth, cross-border payments in Africa are expected to exceed $200 billion by 2025. However, the majority of Africans still depend on fragmented, costly, and often unregulated channels to transfer money, and long delays, high fees, and middlemen continue to create significant barriers.
Palremit’s MSB license helps close this gap. By aligning with one of the world’s most respected financial compliance regimes, Palremit ensures that Africans have a secure, regulated pathway to intercontinental transactions, without the uncertainty of informal systems.
A milestone for African fintech
The significance of this license extends beyond Palremit as a company, it reflects the maturation of Africa’s fintech ecosystem- For years, regulatory challenges have limited the ability of African startups to expand globally. By securing an international license, Palremit demonstrates that African fintechs can meet and exceed global standards.
This milestone is also timely. As remote work and digital services expand, African talent is increasingly engaged in the global economy. A regulated payments channel is no longer optional—it is essential for ensuring that value flows as freely as opportunity.
Looking ahead
“We pursued the Canadian MSB license to give Africans something they’ve long needed: a trusted, compliant, and globally integrated payment channel,” said [Uzo Mbamalu, CEO]. “This isn’t just about moving money—it’s about making Africa a full participant in the world’s financial system.”
Palremit’s achievement is more than regulatory compliance; it is a bold step toward solving one of the continent’s most pressing challenges: enabling Africans to transact seamlessly across borders.
