The Central Bank of Nigeria has licensed 11 new international Money Transfer Operators (IMTOs) to operate in Nigeria as an effort to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.
CBN released the list yesterday saying that the practice was in line with the existing Guidelines on International Money Transfer Services in Nigeria (2014).
The new IMTOs 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.
Reports recently said Nigeria receives an estimated $20billion annually from the international transfers. The new reforms is targeting more forex inflow to the system.