CBN approves 11 operators for international money transfer into Nigeria
Seamless transfer of money into Nigeria is to resume following the decision of the Central Bank of Nigeria to license 11 International Money Transfer Operators (IMTOs) for the operation.
The service was temporarily suspended in early August leaving Nigerians in the diaspora to rely on unorthodox means for transfer of money into the country.
One of the IMTOs licensed for the operation is WorldRemit.
Ismail Ahmed, founder and CEO of WorldRemit, comments: “We launched our service to Nigeria in 2011 when we pioneered instant deposits to all bank accounts. Our service provided the Nigerian diaspora with an easy, secure and low cost way to send money home as well as bringing much-needed foreign exchange into the local economy. We’re delighted that we can now resume operations.”
“We commend the the Central Bank of Nigeria for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. Increased competition will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into formal networks channelled through licensed IMTOs.
“We’re grateful to the many Nigerians both at home and in the diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”
To celebrate the relaunch of its service to Nigeria, WorldRemit is offering promotional pricing of $0.01, €0.01, £0.01 or equivalent on all money transfers to Nigeria until 30 September 2016.