The Central Bank of Nigeria (CBN) yesterday licensed 11 new International Money Transfer Operators (IMTOs). The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN.
The new 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 and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited.
In a statement announcing the new operators, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said the policy shift was in furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.
He explained that the new operators were licensed in line with the existing guidelines on International Money Transfer Services in Nigeria (2014):
The CBN also reiterated its commitment to providing an enabling environment for international money transfer services.