Only 47 Money Transfer Operators Are Licensed, Says CBN

The Central Bank of Nigeria has released the list of 47 International Money Transfer Operators that are licensed to operate in the country.

It disclosed this on its website in a document titled ‘List of approved International Money Transfer Operators as at February 28, 2021’.

While some of the operators had their addresses in Nigeria, others were based outside the country.

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

The CBN Governor, Godwin Emefiele, said during its launch, “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.”

According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster, and more convenient ways for remitters to send funds to beneficiaries.