CBN Licenses 10 More International Money Transfer Operators

By Obinna Chima

The Central Bank of Nigeria (CBN) has granted operating licences to 10 additional international money transfer operators (IMTOs) as part of efforts to boost diaspora remittances.

With the new licences issued, the total number of IMTOs operating in the country now stands at 57.
In an updated post on its website yesterday, CBN listed the newly-licensed operators as Transfercorp Limited/VFD Group; Comot Trading Nigeria Limited; Direkt Wire UK Limited; Gabtrans UK Limited in partnership with Moneyto Limited; GDM Transfer PTY Limited; Innovate 1 Pay Limited; Paysend Plc; SANAA Capital LLC (Money4 Diaspora Services LLC); Swift Payment Limited and WI-PAY Global LLC.

The CBN has in recent times been designing policies to encourage further inflows of the foreign currencies.

CBN Governor, Mr. Godwin Emefiele, had said reforms to increase diaspora remittances into the country would support the economy and help reduce the impact of the COVID-19 pandemic.

He had said if the country could have inflows of about $10 billion to $15 billion, this would have a significant effect on the economy amidst the current fiscal constraints.

The central bank has said all diaspora remittances must go through the deposit money banks rather than mortgage or fintech institutions.

The CBN governor had said: “Since I became the CBN governor, I have been hearing about the size of diaspora remittances; some say $20 billion, in fact some say it’s about $30 billion. Honestly, I have been looking for the $30 billion or $20 billion, I have not seen it.

“But this time, I have decided that I will focus to see those billions of dollars. You know what, I am not only expecting $20 billion, if we get even up to $10 billion to $15 billion, I can tell you it can help the Nigerian economy.

“Pakistan, Indonesia and others generate an average of $2 billion monthly in diaspora remittances and this has helped to reduce the impact of COVID-19 on their economy.” He also emphasised the need to introduce transparency in the administration of diaspora remittances.