CBN licenses 11 money transfer operators

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The CBN had alerted Nigerians to cease transacting money transfer businesses with unregistered money transfer operators.

“This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,” the CBN had said.

The act was seen as banning all unregistered IMTOs from Nigeria’s foreign exchange market, but the CBN said the IMTOs could get licences, via an ongoing process.

The CBN’s action has yielded results, with 11 hitherto unregistered IMTOs now registered.

“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 more International Money Transfer Operators (IMTOs) to operate in Nigeria,” Isaac Okorafor, acting director of corporate communications of the bank, said via a statement.

“In line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria:

S/No. Registered Operators
     1. TRANS-FAST REMITTANCE LLC
     2. WORLDREMIT LIMITED
    3. UAE EXCHANGE CENTRE LLC
    4. WARI LIMITED
    5. HOMESEND S.C.R.L
    6. SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
    7. WEBLINK INTERNATIONAL LIMITED
   8. CASHPOT LIMITED
    9. DT&T CORPORATION LIMITED
   10. FIEM GROUP LLC DBA PING EXPRESS
    11. CP EXPRESS LIMITED

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

Culled From The Cable
Culled From The Cable
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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