Money

The Central Bank of Nigeria recently announced that 11 international money transfer operators (IMTOs) have been given license to operate in Nigeria.

The eleven IMTOs – 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, and CP Express Limited – can now make transfers into the country.

Earlier this month, CBN blocked almost all IMTOs from transferring funds into the country based off some regulation with “draconian rules” (WorldRemit’s words, not mine) and only 3 IMTOs – Western Union, MoneyGram and Ria – made the cut. There were a few calls for the review of this regulation and now, things seem to be working out.

According to CBN, this licensing is “in furtherance of CBN’s effort to liberalise the foreign exchange market and ensure liquidity by making foreign exchange more readily available to low end users.”

WorldRemit, who’s been the most vocal IMTO during the whole saga, is particularly happy about this development. Founder and CEO, Ismail Ahmed, said,“We commend the CBN for reaffirming the country’s 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% of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.”

To celebrate the relaunch of their services to Nigeria, WorldRemit is offering promotional pricing of nominal $0.01, €0.01, £0.01 or its equivalent in fees on all money transfers to Nigeria until September 30, 2016.

Read this next
More From TC
osinbajo_paystack

One landmark acquisition, several funding rounds and meaningful expansions have drawn attention to Nigeria’s potential to become an enabling environment for businesses. Nigerian tech startups are raising larger seed rounds and pursuing unique global ambitions than at any other time in the last decade. But in the last 18 months, major regulatory events that ended […]

According to a World Health Organisation (WHO) study, if a person inhales smoke while cooking breakfast, lunch and dinner, it is equivalent to smoking between three and 20 packets of cigarettes a day. Over half of the world’s population still cooks over open fires. In Nigeria, it’s worse as only 10 million have access to […]

My Life In Tech is telling the stories of Africans making a difference in the world of tech. At the end of our conversation, I learned two things about the man. He wants more people to have access to financial services regardless of what form of financing they currently have.  And he really loves to […]


TechCabal is a Big Cabal Media brand



Copyright © 2013 - 2021
All rights reserved

Privacy & Terms
X