CBN licenses more IMTOs to make forex readily available to Nigerians


The Central Bank of Nigeria has announced it has given more international money transfer operators (IMTOs) license to operate in the country.

This move, according to the bank, will ensure liquidity and make foreign exchange (forex) more readily available to low end users.

The operators are Trans-Fast Remittance LLC, WorldRemit, UAE Exchange Centre LLC, Wari Limited, 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.

A few weeks back, the Central Bank was massively criticized for stopping certain IMTOs such as WorldRemit from operating in the country.

The ban was extreme and unexpected, and not fair as Western Union, MoneyGram and Ria – the big players – were not affected.

To add salt to injury, the CBN stated that IMTOs interested in doing business in the country must meet certain ridiculous requirements – they must have minimum net assets of US$1 billion and be in operation for more than 10 years.

All that is now in the past as the CBN has done the needful by re-licensing those already in operations before the ban and handing out new licenses to new operators.

The bank further promised to provide an enabling environment for international money transfer services in the country.

“We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels,” said Ismail Ahmed, founder and CEO of WorldRemit.

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