RBI Grants FFMC Licence to Paywize Forex — The Company Behind Nimo Forex
We are proud to announce that the Reserve Bank of India (RBI) has officially granted a Full Fledged Money Changer (FFMC) licence to Paywize Forex Pvt Ltd, the parent company behind Nimo Forex. This milestone marks a new chapter in our journey to make foreign exchange accessible, transparent, and affordable for every Indian.
What Is an FFMC Licence and Why Does It Matter?
An FFMC licence is issued by the RBI under the Foreign Exchange Management Act (FEMA), 1999. It authorises the holder to purchase and sell foreign currency notes, coins, and travellers' cheques. Only entities that meet the RBI's strict capital, compliance, and governance requirements are eligible. For customers, dealing with an FFMC-licensed provider like Nimo Forex means your transactions are fully regulated, your funds are protected, and you are working with an entity that is audited and supervised by India's central bank.
About Paywize Forex Pvt Ltd
Paywize Forex Pvt Ltd was founded with a clear mission: to eliminate the pain points that Indian travellers and businesses face when dealing with foreign exchange. From opaque pricing at airport counters to lengthy bank queues, the forex experience in India was long overdue for disruption. Paywize Forex built the technology and compliance infrastructure that powers every Nimo Forex product — from multi-currency forex cards to over-the-counter currency exchange and international remittances.
How the FFMC Licence Benefits Nimo Forex Customers
With the FFMC licence in hand, Nimo Forex can now offer an even wider range of services directly to retail and corporate customers across India. Here is what changes for you:
- Regulatory assurance — Every rupee you exchange through Nimo is backed by RBI oversight, giving you peace of mind that your transactions meet the highest compliance standards.
- Wider currency selection — We are expanding our currency inventory to cover 35+ currencies, including several exotic pairs that are hard to find at traditional money changers.
- Better rates — As a licensed principal rather than a sub-agent, Nimo Forex now accesses wholesale currency markets directly, and we pass those savings on to you through tighter spreads and lower markups.
- Faster processing — Outward remittances, forex card loading, and bulk corporate orders now clear faster because we process them in-house instead of routing through a third party.
Nimo Forex's Compliance-First Approach
Obtaining an FFMC licence is not just about ticking a regulatory box. At Nimo Forex, compliance is embedded in every product decision. Our KYC verification is fully digital, powered by Aadhaar-based e-KYC and Video KYC for faster onboarding. Every transaction is screened against OFAC and FATF watchlists in real time. We maintain meticulous records as required under FEMA and the Prevention of Money Laundering Act (PMLA), and we file all regulatory returns with the RBI on time, every time. This compliance-first approach means you can transact with confidence, whether you are exchanging Rs 5,000 for a weekend trip or processing Rs 50 lakh in corporate forex.
What Is Next for Nimo Forex?
The FFMC licence is a launchpad, not a finish line. Over the coming months, we plan to expand our branch network across South India, introduce new digital products for frequent travellers, and deepen our customer support capabilities with 24/7 live assistance. We are also working towards an AD Category II licence, which will allow us to offer even more services including outward remittances directly under our own licence.
Thank you for trusting Nimo Forex with your foreign exchange needs. The FFMC licence is your guarantee that we operate at the highest standards of trust, transparency, and regulatory compliance. If you have any questions about how this impacts your transactions, reach out to our support team — we are always here to help.
