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CBN Approves Ten New International Money Transfer Operators To Boost Remittances

The Central Bank of Nigeria has approved ten new International Money Transfer Operators in the country to boost foreign exchange remittances.

This is based on a fresh list posted by the apex bank on Monday seen by THE WHISTLER.

The CBN had in February published a list containing 47 IMT operators in the country that are allowed to receive foreign exchange remittances into the country.

Flutterwave, Paypal, Moneygram, Interswitch, eTRANZACT had made the February list.

The apex bank on November 30, 2020 stepped up its move to improve its Forex supply through Diaspora remittances as engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.

The CBN had said in the circular said that the move was “In an effort to liberalize, simplify and improve the receipt and administration of Diaspora remittances into Nigeria.”

Recipients of remittances also have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.

But the CBN had accused some IMTOs of frustrating the policy.

“Regrettably, a few operators continue to pay remittances in local currency contrary to the regulatory directive,” CBN Governor Godwin Emefiele had said in December.

The bank consequently ordered Payment service providers to cease integrating their systems with IMTOs going forward and must prevent commingling of remittances with other legitimate transactions.

Switches and Processors were equally ordered to immediately cease all local currency transfers in respect of foreign remittances through IMTOs.

But in the new list ten more IMTOs have been approved in the country.

The new operators approved by the apex lender are: Comet Trading Nigeria LTD, DIirekt Wire UK LTD, GABTRANS UK LTD in partnership with MONEYTO LTD, GDM Transfer PTY LTD, INNOVATE 1 PAY LTD, PAYSEND PLC, SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC), SWIFT PAYMENT LTD, TRANSFERCORP LIMITED/VFD GROUP and WI-PAY GLOBAL LLC

Full lIST

  1. AFTAB CURRENCY EXCHANGE LIMITED
  2. AZIMO LIMITED
  3. BELYFTED LIMITED
  4. CAPEREMIT UK LIMITED
  5. CASHPOT LIMITED
  6. CENTREXCARD LIMITED
  7. CHIME INC.
  8. COLONY CAPITAL LIMITED
  9. CP EXPRESS LIMITED
  10. DT&T CORPORATION LIMITED
  11. eTRANZACT LIMITED
  12. FIEM GROUP LLC DBA PING EXPRESS
  13. FIRST APPLE INC.
  14. FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
  15. FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED
  16. FUNDS & ELECTRONIC TRANSFER SOLUTION
  17. FUNTECH GLOBAL COMMUNICATIONS LIMITED
  18. GLOBAL CURRENCY TRAVEL & TOURS LIMITED
  19. HOMESEND S.C.R.L
  20. IDT PAYMENT SERVICES INC.
  21. IMMUEUBLE WARI LIMITED
  22. INTERSWITCH LIMITED
  23. MAKEBA INC.
  24. MONEYGRAM
  25. NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED
  26. NIGERIAN POSTAL SERVICE (NIPOST)
  27. NOUVEAU MOBILE LIMITED
  28. PAGATECH LIMITED
  29. PAYCOM NIGERIA LIMITED
  30. PAYPAL INC.
  31. REMIT HUB CAFÉ LIMITED
  32. REMITLY INC
  33. RIA FINANCIAL
  34. SHIFT FINANCIAL SERVICES LIMITED
  35. SIMPLIFY INTERNATIONAL SYNERGY LIMITED
  36. SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
  37. TCF LIMITED
  38. TRANS-FAST REMITTANCE LLC
  39. TRANSFERTO MOBILE FINANCIAL SERVICES LIMITED (THUNES)
  40. VENTURE GARDEN NIGERIA
  41. VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED
  42. VTNETWORK LIMITED
  43. WEBLINK INTERNATIONAL LIMITED
  44. WESTERN UNION
  45. WORLDREMIT LIMITED
  46. XPRESS MONEY SERVICES LIMITED
  47. XPRESS PAYMENT SOLUTIONS LIMITED
  48. COMET TRADING NIGERIA LIMITED
  49. DIREKT WIRE UK LIMITED
  50. GABTRANS UK LIMITED in partnership with MONEYTO LIMITED
  51. GDM TRANSFER PTY LIMITED
  52. INNOVATE 1 PAY LIMITED
  53. PAYSEND PLC
  54. SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC)
  55. SWIFT PAYMENT LIMITED
  56. TRANSFERCORP LIMITED/VFD GROUP
  57. WI-PAY GLOBAL LLC
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