CBN licenses 21 new money transfer firms


The Central Bank of Nigeria (CBN) has released 21 new list of licensed International Money Transfer Operators (IMTOS) to join 14 it previously approved.

This brings the total number of organisations licensed to 35. Some of the newly licensed operators include Aftab Currency Exchange Limited, AWS Malta Limited, Caperemit UK Limited, Centrexcard Limited, Colony Capital Limited among others.

The new operators will join Ria, Western Union, MoneyGram, WorldRemit RANS-Fast Remittance, UAE Exchange Center LLC, Wari limited, and Home Send S.C.R.L among others to help Nigerians in Diaspora remit dollar home and boost dollar liquidity.

The apex bank also cautioned Nigerians in Diaspora against patronising illegal money transfer operators. In a statement, its Acting Director, Corporate Communications, Isaac Okorafor, said the apex bank was aware of the increasing patronage of illegal MTOs for the purpose of home remittances.

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