CBN Updates List of Money Transfer Operators

More International Money Transfer Operators, IMTOs, have been listed by the Central Bank of Nigeria, CBN.

The updated list of International Money Transfer Operators, in Nigeria as at April 1, 2021, has 57 companies on it. They include the usual suspects like Moneygram, Western Union, Ria, PayPal, Small World and Swift. Many of the operators are associated with Nigerian banks while others are independent companies.

Most of the money transfer operators are registered in Nigeria but companies operating out of the United Kingdom and the United States are very much represented on the CBN list, along with others from Morocco, Australia, Senegal and Belgium.

Recall that last month, the CBN released an approved list of money transfer operators as part of its efforts to boost foreign remittances. There were 47 approved international money transfer operators on that list and the new list of 57 is meant to further enhance the promotion of diaspora remittances, for which the CBN also introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers.

The incentive sees recipients of diaspora remittances paid N5 for every $1 received from outside the country and many banks have been marketing and promoting the product among their customers. The “Naira 4 Dollar Scheme” is expected to end on 8th of May 2021.

The 9 new IMTOs added to the list is expected to boost remittances during the promo period and beyond.

The IMTOs are:

  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. COMET TRADING NIGERIA LIMITED
  10. CP EXPRESS LIMITED
  11. DIREKT WIRE UK LIMITED
  12. DT&T CORPORATION LIMITED
  13. eTRANZACT LIMITED
  14. FIEM GROUP LLC DBA PING EXPRESS 1327
  15. FIRST APPLE INC. 6492
  16. FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
  17. FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED
  18. FUNDS & ELECTRONIC TRANSFER SOLUTION
  19. FUNTECH GLOBAL COMMUNICATIONS LIMITED
  20. GABTRANS UK LIMITED in partnership with MONEYTO LIMITED
  21. GDM TRANSFER PTY LIMITED
  22. GLOBAL CURRENCY TRAVEL & TOURS LIMITED
  23. HOMESEND
  24. IDT PAYMENT SERVICES INC.
  25. IMMUEUBLE WARI LIMITED
  26. INNOVATE 1 PAY LIMITED
  27. INTERSWITCH LIMITED
  28. MAKEBA INC.
  29. MONEYGRAM
  30. NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED
  31. NIGERIAN POSTAL SERVICE (NIPOST)
  32. NOUVEAU MOBILE LIMITED
  33. PAGATECH LIMITED
  34. PAYCOM NIGERIA LIMITED
  35. PAYPAL INC.
  36. PAYSEND PLC
  37. REMIT HUB CAFÉ LIMITED
  38. REMITLY INC.
  39. RIA FINANCIAL
  40. SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC)
  41. SHIFT FINANCIAL SERVICES LIMITED
  42. SIMPLIFY INTERNATIONAL SYNERGY LIMITED
  43. SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
  44. SWIFT PAYMENT LIMITED
  45. TCF LIMITED
  46. TRANS-FAST REMITTANCE LLC
  47. TRANSFER TO MOBILE FINANCIAL SERVICES LIMITED (THUNES)
  48. TRANSFERCORP LIMITED/VFD GROUP
  49. VENTURE GARDEN NIGERIA
  50. VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED
  51. VTNETWORK LIMITED
  52. WEBLINK INTERNATIONAL LIMITED
  53. WESTERN UNION
  54. WI-PAY GLOBAL LLC
  55. WORLDREMIT LIMITED
  56. XPRESS MONEY SERVICES LIMITED
  57. XPRESS PAYMENT SOLUTIONS LIMITED

All the listed IMTOs are required to conform to the CBN’s guidelines on international money transfer services in Nigeria which are aimed at maintaining adequate and reasonable financial services to the public.

The objectives of the guidelines are to provide minimum standards and requirements for International money transfer services operations in Nigeria; specify delivery channels for offering international money transfer services (inbound/outbound), in a cost effective manner; provide an enabling environment for international money transfer services in the Nigerian economy; specify minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria; and provide broad guidelines for implementation of processes and flows of international money transfer services, from initiation to completion.

The guidelines address business rules governing the operation of international money transfer services in Nigeria. In addition, it sets the basis for the regulation of the services offered at different levels and by diverse participants.

Under the licensing requirements, no person or institution shall provide international money transfer services unless such person/institution has been duly licensed by the CBN.

 

IMAGE CREDIT:  reviso.com, CBN

 

Epa Ogie Eboigbe, veteran journalist, broadcaster and public affairs specialist writes on, and analyses current and historical issues with a ‘wise pen’.

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