Home Banking, Finance & Investment CBN licenses 10 more money transfer operators

CBN licenses 10 more money transfer operators

by Radarr Africa
CBN licenses 10 more money transfer operators

The Central Bank of Nigeria has added 10 companies to the list of International Money Transfer Operators licensed in the country.

This was disclosed on Monday in a report, titled ‘Updated list of International Money Transfer Operators in Nigeria as of April 01, 2021’.

With the new licences issued, the total number of IMTOs operating in the country now stands at 57.

In an updated post on its website yesterday, CBN listed the newly-licensed operators are as follows: Transfercorp Limited/VFD Group; Comot Trading Nigeria Limited; Direkt Wire UK Limited; Gabtrans UK Limited in partnership with Moneyto Limited; GDM Transfer PTY Limited; Innovate 1 Pay Limited; Paysend Plc; SANAA Capital LLC (Money4 Diaspora Services LLC); Swift Payment Limited and WI-PAY Global LLC.

The CBN Governor, Godwin Emefiele, recently said that weekly diaspora remittances rose from $5m to $30.

He noted that the initiatives introduced by the CBN to boost foreign exchange in the country were yielding results.

The apex bank had introduced a rebate of N5 for every $1 of fund remitted to Nigeria through IMTOs in its forex policy to reduce the cost burden of remitting funds to Nigeria by Nigerians in the diaspora.

The governor said, “This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.”

The ‘Naira-4-Dollar Scheme’, which took effect on March 8, 2021, would end on May 8, and banks have notified their customers.

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