Central Bank of Nigeria Licenses 11 International Money Transfer Operators

11 international money transfer operators (IMTOs) have been licensed to operate in Nigeria by the Central Bank of Nigeria (CBN). The names of the operaters were published by the apex bank recently.

According to Isaac Okorafor (Ag. Director, Corporate Communications) in the statement, this was done as part of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.

The newly licensed IMTOs include: Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, Wari Limited, Homesend SCRL, Small World Financial Services Group Limited, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC DBA Ping Express and CP Express Limited.

The CBN reiterated its commitment to providing an enabling environment for international money transfer services in Nigeria.
WorldRemit, recently called for the urgent restoration of money transfers to Nigeria as draconian new rules left virtually all money transfer operators (MTOs) unable to provide services to the West African country.

Only three companies – Western Union, MoneyGram and Ria – were previously able to do International money transfer operations, following an extreme and unexpected move by the Central Bank of Nigeria.