United Kingdom – Small Payment Institution (SPI)

An operating UK Small Payment Institution (SPI) specialised in remittance flows between the United Kingdom and Nigeria. The business features active banking arrangements with established Electronic Money Institutions, proprietary and leased software with automated compliance, a dedicated operational team across two jurisdictions, and an active retail customer base approaching breakeven.

• Jurisdiction: United Kingdom.

• Licence Type: Small Payment Institution (SPI).

• Regulator: Financial Conduct Authority (FCA).

• Authorised Scope: Permission no. 6 – Money Remittance only.

• Status: Registered and active.

• Dedicated cross-border remittance corridor from the United Kingdom to Nigeria.

• Digital and direct money-transfer services for retail and diaspora clients.

• Streamlined operational model currently positioned near financial breakeven.

• Total Customer Base: 10,000 registered customers.

• Active Customers: Approximately 2,500 active transacting clients.

• Team Structure: 8 staff members in total:

  • 2 personnel based in the United Kingdom.

  • 6 operational personnel based in Lagos, Nigeria.

• Cost Structure: Lean operational model with monthly running costs of approximately GBP 3,000.

• Payment & Settlement Accounts: Established business accounts with Fire Financial Services and Leatherback (licensed EMIs).

• Payment Rails: Capable of executing UK local collection and cross-border settlement to Nigeria.

• Software Stack: Hybrid setup combining proprietary software and licensed third-party solutions.

• Compliance Automation: Integrated GBG solutions for automated KYC verification, sanctions screening, and AML transaction monitoring.

• Scalable infrastructure supporting automated customer onboarding and cross-border payment processing.

An operational UK SPI with an active remittance corridor to Nigeria, 2,500 active clients, established EMI banking infrastructure, automated GBG compliance systems, and an efficient distributed team structure. Suitable for a remittance operator, payment group, or fintech business seeking an active, cost-efficient UK money-transfer platform.