CBN Licenses Interswitch, Flutterwave, Venture Garden, Pagatech, e-Tranzact, VTN as International Money Transfer Operators

8 February 2019

Money Transfer

In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) has licensed Flutterwave, Pagatech, Interswitch and e-Tranzact as International Money Transfer Operators IMTOs.

The apex bank BN last week released the list of 60 firms approved as International Money Transfer Operators (IMTOs) to render international money transfer services.

Highlight of the list include Nigeria Postal Service, NIPOST, and six fintech firms namely, Flutterwave, Pagatech, Interswitch, Venture Garden VTNetwork and e-Tranzact.

Other notable firms on the list include Moneygram, Western Union, Worldremit, Western Union, swift Payment Limited, Paypal Inc, Homesend, Ria Financial and WiPay Global.

Deposit Money Banks are prohibited from operating as IMTO but can serve as agents to the operators.

The international remittance markets have grown significantly in Nigeria, with major contributions to investments and commerce. Nigeria’s diaspora annual remittance in the range of $21 billion is considered the largest in Africa and projected to hit $41 billion in 2016.

Source: Financial Technology Africa