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Money Transfer

The Central bank of Nigeria (CBN) on Tuesday licensed 11 new international money transfer operators (IMTOs) to do business in the country’s foreign exchange market.

The spokesperson of the bank, Isaac Okorafor, said the licensing was in furtherance of CBN’s effort to liberalize the market and ensure liquidity by making foreign exchange more readily available to low end users.

The newly licensed IMTOs, who are to operate in Nigeria in line with the existing guidelines on international money transfer services (2014), include Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, and Wari Limited,

Others include Homesend SCRL, and 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.

Mr. Okorafor said the CBN restated its commitment to provide an enabling environment for international money transfer services in the country to participate in the market.

Early this month, the CBN warned Nigerians at home and in the Diaspora to beware of the activities of some unlicensed IMTOs in the country.

The bank said the warning became necessary following reports of illegal activities of these unregistered operators, describing their modes of operation as detrimental to the country’s economy.

Insisting that all such operators were expected to be duly licensed, the CBN said this would not only protect both customers and the financial system, it would ensure the credibility of financial transactions.

Following the recent introduction of the new flexible FOREX policy, the CBN had also approved 16 commercial banks to participate in the market as primary dealers.

The primary dealers were expected to operate in the Inter-bank market in line with stipulated foreign exchange primary dealers (FXPD) guidelines.
Source: Premium Times