- YolatInc. has secured dual regulatory approvals from FINTRAC in Canada and the Central Bank of Nigeria, alongside Bank of Canada authorization under the Retail Payment Activities Act, enabling it to process cross-border payments and diaspora remittances under strict compliance standards.
- The platform leverages blockchain for fast, transparent transfers and AI for routing, compliance, fraud detection, and real-time FX optimization, offering multi-currency wallets and APIs for both consumer remittances and enterprise payments.
- Yolat’s mission is to make money movement as simple as messaging, combining innovation with compliance to deliver secure, affordable, and scalable solutions, with early adopters now eligible for introductory benefits via yolat.com.
Yolat Inc. has quietly become one of the few African-founded fintechs to secure approvals on both sides of the Atlantic.
Registered as a Money Service Business (MSB) with Canada’s anti-money laundering regulator FINTRAC, Yolat is authorised to handle foreign exchange dealing, money transfers, virtual currency transactions, and other payment services.
The company has also gained approval from the Bank of Canada under the new Retail Payment Activities Act (RPAA), a regime that requires payment service providers to perform electronic payment functions, operate or serve customers in Canada and safeguard client funds.
For the Nigerian market, Yolat holds an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria, enabling it to legitimately process diaspora remittances and global inflows .
Why this matters
Obtaining dual licences isn’t just a compliance checkbox; it signals that Yolat meets some of the world’s toughest standards for operational risk and customer protection. The Bank of Canada will publish a public registry of approved payment service providers and notes that registered PSPs must maintain risk management frameworks and protect end-user funds.
FINTRAC’s definition of an MSB underscores the obligation to monitor for money laundering and terrorist financing. In Nigeria, IMTO status allows a fintech to directly handle remittances rather than acting through agents, expanding the reach of inbound transfers.
Innovation at the core
Yolat’s product is built around blockchain and artificial intelligence. Blockchain-based transfers cut out intermediaries, reducing fees and settlement times to minutes while providing a transparent, immutable ledger that reduces the risk of errors and fraud.
The technology is accessible worldwide, enabling unbanked users to participate in cross-border commerce. Its mobile apps let users send multiple currencies, enjoy competitive exchange rates and withdraw in Naira, EUR, GBP, USD, INR and many other currencies.
AI powers everything from routing to compliance. Industry research shows that AI can boost straight-through processing rates by analysing large datasets, automating document checks and selecting optimal payment routes.
These tools also enhance fraud detection and identity verification by scanning millions of data points without delaying transactions. For currency exchange, predictive algorithms monitor global markets to secure better rates and manage liquidity.
Yolat uses similar models to offer real-time FX, ensure KYC compliance and provide personalised customer support, delivering a seamless experience for individual senders and enterprise clients.
Serving both families and enterprises
Yolat’s platform is designed to meet the needs of both consumer-to-consumer remittances and business cross-border payments. An immigrant sending money home can top up a Yolat wallet, transfer funds instantly and ensure the recipient receives local currencies at a competitive rate.
Small and mediumsized enterprises can use Yolat’s APIs to pay suppliers abroad, run payroll in multiple currencies. The company’s regulatory approvals provide assurance that these services operate under robust risk management standards, while its technology brings speed and cost savings.
A founder’s perspective
Yolat’s cofounder and CEO, Toyosi Abolarin, sums up the company’s mission:
“Moving money should be as easy as sending a message. By combining blockchain rails with AI-driven intelligence and securing approvals from the Bank of Canada and the Central Bank of Nigeria, we are proving that innovation and compliance can go handinhand. Whether you’re a family sending money home or a business expanding globally, Yolat offers a futureproof way to move funds quickly, securely and at a fair cost.”
With regulatory backing on two continents and a technology stack that leverages the latest in blockchain and AI, Yolat is poised to redefine the landscape of cross-border payments. Yolat’s entry into the market signals that the next chapter of global money movement, instant, affordable and inclusive, is already underway.
Now that Yolat has commenced operations, the company is rewarding its first cohort of users. Early adopters who sign up via yolat.com can take advantage of introductory benefits designed to encourage usage and gather feedback. This programme underscores Yolat’s commitment to building a user-centric platform and invites customers to join the journey as the service scales.
