WorldRemit, one of the digital remittance service companies licensed by the Central Bank of Nigeria to operate money transfer services in the country has applauded the Central Bank of Nigeria (CBN) for the action.
In a statement, the firm said that hundreds of International Money Transfer Operators (IMTOs) last month suspended their operations in Nigeria, leaving the Nigerian Diaspora to rely on Western Union, MoneyGram and Ria.
It said that WorldRemit has received a letter of approval from the CBN enabling its digital money transfer services in Nigeria to continue.
WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts. The service provided the Nigerian Diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy. Supporting the countryโs move towards a cashless economy, 100 per cent of transactions were either bank deposits or airtime top-ups.
Founder and CEO of WorldRemit, Ismail Ahmed, said: โWe commend the CBN for reaffirming the countryโs commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50 per cent of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.
โWeโre grateful to the many Nigerians both at home and in the Diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.โ
