CBN Approves Ten New International Money Transfer Operators To Boost Remittances

The Central Bank of Nigeria has approved ten new International Money Transfer Operators in the country to boost foreign exchange remittances.

This is based on a fresh list posted by the apex bank on Monday seen by THE WHISTLER.

The CBN had in February published a list containing 47 IMT operators in the country that are allowed to receive foreign exchange remittances into the country.

Flutterwave, Paypal, Moneygram, Interswitch, eTRANZACT had made the February list.

The apex bank on November 30, 2020 stepped up its move to improve its Forex supply through Diaspora remittances as engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.

The CBN had said in the circular said that the move was “In an effort to liberalize, simplify and improve the receipt and administration of Diaspora remittances into Nigeria.”

Recipients of remittances also have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.

But the CBN had accused some IMTOs of frustrating the policy.

“Regrettably, a few operators continue to pay remittances in local currency contrary to the regulatory directive,” CBN Governor Godwin Emefiele had said in December.

The bank consequently ordered Payment service providers to cease integrating their systems with IMTOs going forward and must prevent commingling of remittances with other legitimate transactions.

Switches and Processors were equally ordered to immediately cease all local currency transfers in respect of foreign remittances through IMTOs.

But in the new list ten more IMTOs have been approved in the country.

The new operators approved by the apex lender are: Comet Trading Nigeria LTD, DIirekt Wire UK LTD, GABTRANS UK LTD in partnership with MONEYTO LTD, GDM Transfer PTY LTD, INNOVATE 1 PAY LTD, PAYSEND PLC, SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC), SWIFT PAYMENT LTD, TRANSFERCORP LIMITED/VFD GROUP and WI-PAY GLOBAL LLC

Full lIST

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