CBN Approves 11 New International Money Transfer Operators

A statement made by the Acting director, Corporate Communications for CBN, Isaac Okorafor, said that the Apex bank licensed the 11 IMTOs in Nigeria.

According to the regulator, this is to deepen efforts at liberalising the foreign exchange market, ensuring liquidity and making foreign exchange more readily available to low-end users.

These are the newly registered operators; Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC, DBA Ping Express, CP Express Limited.

Okoroafor also confirmed it will give Nigerians a wider option in making remittances through credible channels, as well as curb money laundering and illegal activities that fuel speculations against the Naira.

The statement said “the move in line with the existing guidelines on International Money Transfer Services in Nigeria, 2014 was in furtherance of efforts to liberalise the foreign exchange market, ensure liquidity and make foreign exchange more readily available to low-end users.

“The CBN also wishes to reiterate its commitment to providing an enabling environment for international money transfer services in Nigeria,” the statement said.

Meanwhile, Johnson Chukwu, the financial market operator and Chief Executive Officer of Cowry Asset Management Limited, responded to the development, saying, “The decision will now offer Nigerians in Diaspora options, especially those living in some places that the presence of Western Union, MoneyGram and Ria are not enough.

“Again, with naira exchange rate at inter-bank market nearing equilibrium, it is obvious that people will not want to cut corners anymore but follow the right channel that would be offered by these operators,” he added.