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CBN approves only 47 money transfer operators licensed in Nigeria

Emefiele

The Central Bank of Nigeria (CBN) has published a list of 47 International Money Transfer Operators, that are licensed to operate in the country.

The document was uploaded on CBN’s website.

Some of the operators had their addresses in Nigeria, while 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.

CBN reacts to circulation of N2000 and N5000 banknotes

“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.”

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