CBN licenses eleven International Money Transfer Operators

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 11 International Money Transfer Operators (IMTOs).

The newly licensed operators are: Wari Limited, Worldremit Limited, Trans-Fast Remittance LLC, UAE Exchange Centre LLC,  Homesend S.C.R.L, and  Small World Financial Services Group Limited

Others are Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC Dba Ping Express and CP Express Limited

In a circular signed by acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor,  the CBN stated that the new licensed operators was in line with the 2014 guidelines on international money transfer services in Nigeria.

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