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CBN Approves 47 Money Transfer Operators

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CBN Approves 47 Money Transfer Operators

The CBN , Central Bank of Nigeria has released a list of 47 approved money transfer operators approved to receive foreign exchange remittances from oversea.

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According to the list posted on the bank’s website yesterday, 17 of the IMTOs were based in the United Kingdom; 14 in Lagos; eight in the United States of America; three in Abuja; two in Senegal and one each in Ibadan, Morocco and Belgium.

The CBN recently banned unauthorized international money transfer operators from such transactions, warning that it would apply severe sanctions against them, if they remained adamant.

It also came up with a new policy to force IMTOs and Money Deposit Banks to pay recipients of remittances in foreign currencies, rather than the Naira.

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Until then, the IMTOs and banks were said to be shortchanging remittances beneficiaries, as they gave them less Naira equivalent of their foreign exchange sent to them by Nigerians in the diaspora.

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