The Central Bank of Nigeria has listed Swift Payment, Direkt Wire UK Limited, Gabtrans UK Limited (all United Kingdom-based) and seven others from Australia, the United States of America and Nigeria among the 10 new licensed International Money Transfer Operators in the country.
The apex bank has added 10 to the existing 47 IMTO in Nigeria. This was disclosed by the bank in a document tagged ‘Updated list of International Money Transfer Operators in Nigeria as of April 01, 2021, shared via its website.
See the full list here
Newly licensed money transfer operators in Nigeria
- GDM TRANSFER PTY LIMITED
- INNOVATE 1 PAY LIMITED
- PAYSEND PLC
- SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLCS)
- SWIFT PAYMENT LIMITED
- TRANSFER CORP LIMITED / VFD GROUP
- WI-PAY GLOBAL LLC
- GABTRANS UK LIMITED in partnership with MONEYTO LIMITED
- DIREKT WIRE UK LIMITED
- COMET TRADING NIGERIA LIMITED
What you should know
About a month ago, Nairametrics reported that the CBN had listed only 47 IMTOs as licensed operators.
The money transfer operators, according to the CBN list, were Flutterwave Technology, Paypal Inc, Western Union, e-Tranzact Limited, Interswitch Limited, Moneygram, and Cashpoint Limited among others.
The CBN Governor, Godwin Emefiele, recently said that weekly diaspora remittances rose from $5m to $30. He noted that the initiatives introduced by the CBN to boost foreign exchange in the country were yielding results.
The apex bank also introduced a rebate of N5 for every $1 of fund remitted to Nigeria through IMTOs in its forex policy.