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CBN Licenses 11 New International Money Transfer Operators

The Central Bank of Nigeria (CBN) has licensed 11 new International Money Transfer Operators (IMTOs) to operate in Nigeria.

According to a statement by Isaac Okorafor, acting director, Corporate Communications for CBN, the registered operators are 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.

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.

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