CBN grants licenses to 10 IMTOs - ITREALMS

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The Central Bank of Nigeria (CBN) has granted operating licenses to 10 additional International Money Transfer Operators (IMTOs), reports ITREALMS.

This, the apex bank in Nigeria said is part of efforts to boost diaspora remittances.

The latest licensing, ITREALMS gathered, brings to total the number of IMTOs operating in the country at 57 as at the time of going to press.

CBN, ITREALMS also gathered, 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.

Noteworthy is that CBN has in recent times been developing policies to boost further inflows of foreign currencies.

ITREALMS recalls that 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.

Remmy Nweke/DoP

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