CBN reveals only 47 money transfer operators have licensed - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Tuesday, 23 March 2021

CBN reveals only 47 money transfer operators have licensed

CBN

The Central Bank of Nigeria (CBN) has revealed that only 47 International Money Transfer Operators have licenses to operate in Nigeria.

The CBN went ahead to release the list of these 47 International Money Transfer Operators that are licensed.

This was made known in a recent document that can be attained from its website and the document is titled ‘List of approved International Money Transfer Operators as at February 28, 2021’.

CLICK HERE TO VIEW THE LIST

This comes after the CBN recently introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs in its forex policy.

Speaking at the launch of the rebate, the CBN Governor, Godwin Emefiele, said;

“In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank.

This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for “Nigerians in the diaspora. This new policy is expected to take effect on the 8th of March 2021.”


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