WorldRemit Commends CBN for Licencing Money Transfers Operarors

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WorldRemit, one of the international money transfer operators (IMTOs) that was registered by the Central Bank of Nigeria (CBN) on Tuesday has commended the banking sector regulator in Nigeria.

The CBN licenced WorldRemit and ten other international money transfer operators.
A statement from WorldRemit said Nigerians in the diaspora would benefit from increased competition in the remittance market.

The founder and CEO of WorldRemit, Ismail Ahmed said: “We launched our service to Nigeria in 2011 when we pioneered instant deposits to all bank accounts. Our service provided the Nigerian diaspora with an easy, secure and low cost way to send money home as well as bringing much-needed foreign exchange into the local economy. We’re delighted that we can now resume operations.

“We commend the Central Bank of Nigeria for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. Increased competition will help to bring the estimated 50 per cent of remittances to Nigeria that currently go through unregulated, informal networks into formal networks channelled through licensed IMTOs.

“We’re grateful to the many Nigerians both at home and in the diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”
To celebrate the relaunch of its service to Nigeria, WorldRemit is offering promotional pricing of $0.01, €0.01, £0.01 or equivalent on all money transfers to Nigeria until 30 September 2016.

In furtherance of its efforts to liberalise the foreign exchange market, to ensure liquidity, and make FX readily available to low end users, the CBN disclosed that it has licensed 11 more International Money Transfer Operators (IMTOs) to operate in Nigeria.

The central bank, in a statement signed by its acting Director, Corporate Communications, Isaac Okorafor, said the move was in line with the existing guidelines on International Money Transfer Services in Nigeria (2014).
The newly registered IMTOs are Trans-fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited, FIEM Group LLC DBA PING Express, and CP Express Limited.

CBN also reiterated its commitment to providing an enabling environment for international money transfer services in Nigeria.