Remittance: CBN approves 10 new money transfer operators


Number of approved IMTOs stood at 57 as at April 1, 2021


The Central Bank of Nigeria (CBN) has approved 10 new international money transfer operators (IMTOs), an updated list of the companies released by the apex bank yesterday shows.


The 10 newly approved IMTOs are Comet Trad  ing Nigeria Ltd, Direkt Wire UK Ltd, Gabtrans UK Ltd in partnership with Moneyto Ltd, GDM Transfer PTY Ltd and Innovate 1 Pay Ltd. Others are Paysend Plc, Sanaa Capital LLC (money4Diasporaservices LLC), Swift Payment Ltd, Transfer corp Ltd/VFD Group and Wi- Pay Global LLC. With the newly-approved IMTOs, CBN said the number of the companies stood at 57 as at April 1, 2021.


The regulator had, on March 22, released a list of 47 approved IMTOs, which it said were the companies approved to operate as IMTOs as at February 28, 2021.


The release of the list of approved IMTOs comes against the background of several policy measures introduced by the apex bank aimed at boosting remittance inflows.


For instance, on March 6, CBN introduced a “Naira 4 Dollar Scheme” under which recipients of diaspora remittances, through licensed IMTOs, would be paid N5 for every $1 received as remittance inflow.




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