Central Bank Licenses 11 International Money Transfer Operators

                      

The Central Bank of Nigeria (CBN) yesterday licensed 11 new International Money Transfer Operators (IMTOs). The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN.

The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited.
In a statement announcing the new operators, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said the policy shift was in furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.