CBN licenses 11 new Int’l money transfer operators

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.

The CBN had earlier announced an ongoing licensing of interested IMTOs. Okorafor, dismissed allegations that the CBN had stopped licencing the IMTOs.

He explained in a statement that in spite of its transparency in the licensing IMTOs, some persons have continued to allege that the bank has stopped the exercise.

“The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria.
Therefore, interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria,” he said.

It added: “The CBN remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO”.

“The CBN wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed IMTOs in Nigeria.

This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,” Okorafor said.
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