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.
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