Forex: CBN Licenses 11 New International Money Transfer Operators

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

READ ALSO: CBN Prohibits 9 Banks From All Forex Transactions

This is coming weeks after the Apex Bank had cautioned Nigerians to cease transacting money transfer businesses with unregistered money transfer operators.

READ ALSO: CBN Issues New Directive On Forex Sale To Nigerian Banks

Speaking on the development, in a statement, the spokesperson of the bank, Isaac Okorafor, disclosed 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.

“In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) has licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria,” Isaac Okorafor, acting director of corporate communications of the bank, said via a statement.

“In line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria.”

S/No. Registered Operators
     1. TRANS-FAST REMITTANCE LLC
     2. WORLDREMIT LIMITED
    3. UAE EXCHANGE CENTRE LLC
    4. WARI LIMITED
    5. HOMESEND S.C.R.L
    6. SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
    7. WEBLINK INTERNATIONAL LIMITED
   8. CASHPOT LIMITED
    9. DT&T CORPORATION LIMITED
   10. FIEM GROUP LLC DBA PING EXPRESS
    11. CP EXPRESS LIMITED

“The CBN also wishes to reiterate its commitment to providing an enabling environment for international money transfer services in Nigeria.”

The newly licensed IMTOs, who are to operate in Nigeria in line with the existing guidelines on international money transfer services (2014), will now join the Western Union, MoneyGram and Ria, which had been cleared by the CBN.

Datboyjerry

Datboyjerry

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