CBN Issues License To 11 International Money Transfer Operators

CBN Issues License To 11 International Money Transfer Operators

The Central Bank of Nigeria, CBN, has finally make good its promise to license more international money transfer operators, IMTOs as Nigeria’s Forex scarcity still persist.

The apex bank has licensed 11 new IMTOs to begin operations with immediate effect.

In a statement signed by Isaac Okorafor Ag. Director, Corporate Communications, the CBN expalined that it is in ‘furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users’

He said ‘in line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria’

  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

He said the CBN ‘wishes to reiterate its commitment to providing an enabling environment for international money transfer services in Nigeria’.

It is unclear if the license process it is still ongoing and more operators will be licensed. The CBN did nor also disclose the owners and their country of origin.