The Central Bank of Nigeria (CBN) has given the go-ahead to 11 new International Money Transfer Operators (IMTOs) to operate in Nigeria.
According to a statement by Isaac Okorafor, acting director, Corporate Communications for CBN, the registered 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, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC, DBA Ping Express, CP Express Limited.
The statement noted that the measure is in line with the existing guidelines on International Money Transfer Services in Nigeria, 2014 was in furtherance of efforts to liberalise the foreign exchange market, ensure liquidity and make foreign exchange more readily available to low-end users.
“The CBN also wishes to reiterate its commitment to providing an enabling environment for international money transfer services in Nigeria,” the statement said.
According to Augusto Lopez-Claros, Director of the World Bank’s Global Indicators Group.
“Remittances are an important and fairly stable source of income for millions of families and of foreign exchange to many developing countries. However, if remittances continue to slow, and dramatically as in the case of Central Asian countries, poor families in many parts of the world would face serious challenges including nutrition, access to health care and education,”
In 2015, India retained its top spot, attracting about $69 billion in remittances, down from $70 billion in 2014. Other large recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion), and Nigeria ($21 billion).
