CBN approves 11 international money transfer operators

The Central bank of Nigeria (CBN) has licensed 11 new international money transfer operators (IMTOs) to do business in the country’s foreign exchange market.

A statement issued by CBN  spokesperson Isaac Okorafor, explained that the licensing was in furtherance of CBN’s effort to liberalize the market and ensure liquidity by making foreign exchange more readily available to low end users.

The newly licensed IMTOs, who are to operate in Nigeria in line with the existing guidelines on international money transfer services (2014), include Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, and Wari Limited,

According to the CBN, others are Small World Financial Services Group Limited and  Homesend SCR,  Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC DBA Ping Express and CP Express Limited.

 Okorafor  explained that  the CBN restated its commitment to provide an enabling environment for international money transfer services in the country to participate in the market.