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:
- AFTAB CURRENCY EXCHANGE LIMITED
- AZIMO LIMITED
- BELYFTED LIMITED
- CAPEREMIT UK LIMITED
- CASHPOT LIMITED
- CENTREXCARD LIMITED
- CHIME INC.
- COLONY CAPITAL LIMITED
- COMET TRADING NIGERIA LIMITED
- CP EXPRESS LIMITED
- DIREKT WIRE UK LIMITED
- DT&T CORPORATION LIMITED
- eTRANZACT LIMITED
- FIEM GROUP LLC DBA PING EXPRESS 1327
- FIRST APPLE INC. 6492
- FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
- FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED
- FUNDS & ELECTRONIC TRANSFER SOLUTION
- FUNTECH GLOBAL COMMUNICATIONS LIMITED
- GABTRANS UK LIMITED in partnership with MONEYTO LIMITED
- GDM TRANSFER PTY LIMITED
- GLOBAL CURRENCY TRAVEL & TOURS LIMITED
- IDT PAYMENT SERVICES INC.
- IMMUEUBLE WARI LIMITED
- INNOVATE 1 PAY LIMITED
- INTERSWITCH LIMITED
- MAKEBA INC.
- NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED
- NIGERIAN POSTAL SERVICE (NIPOST)
- NOUVEAU MOBILE LIMITED
- PAGATECH LIMITED
- PAYCOM NIGERIA LIMITED
- PAYPAL INC.
- PAYSEND PLC
- REMIT HUB CAFÉ LIMITED
- REMITLY INC.
- RIA FINANCIAL
- SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC)
- SHIFT FINANCIAL SERVICES LIMITED
- SIMPLIFY INTERNATIONAL SYNERGY LIMITED
- SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
- SWIFT PAYMENT LIMITED
- TCF LIMITED
- TRANS-FAST REMITTANCE LLC
- TRANSFER TO MOBILE FINANCIAL SERVICES LIMITED (THUNES)
- TRANSFERCORP LIMITED/VFD GROUP
- VENTURE GARDEN NIGERIA
- VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED
- VTNETWORK LIMITED
- WEBLINK INTERNATIONAL LIMITED
- WESTERN UNION
- WI-PAY GLOBAL LLC
- WORLDREMIT LIMITED
- XPRESS MONEY SERVICES LIMITED
- 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’.