CBN approves 10 additional IMTO operators to boost FX liquidity
By Kayode Tokede
The Central Bank of Nigeria (CBN) has approved 10 new International Money Transfer Operators (IMTOs) in the country.
The move by the apex bank is to boost Diaspora remittance and improve foreign exchange liquidity in the country.
Recalled that the CBN had in February published a list containing 47 IMTOs in the country permitted to receive foreign exchange remittances into the country.
Flutterwave, Paypal, Moneygram, Interswitch, eTRANZACT had made the February list.
The apex bank on November 30, 2020 stepped up its move to improve its Forex supply through Diaspora remittances as engaged with the commercial banks and the IMTOs to ensure that recipients of remittance inflows are able to receive their funds in the designated foreign currency of their choice.
The CBN disclosed that “In an effort to liberalize, simplify and improve the receipt and administration of Diaspora remittances into Nigeria.”
Recipients of remittances also have the option of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.
But the CBN had accused some IMTOs of frustrating the policy.
“Regrettably, a few operators continue to pay remittances in local currency contrary to the regulatory directive,” CBN Governor Godwin Emefiele had said in December.
The bank consequently ordered Payment service providers to cease integrating their systems with IMTOs going forward and must prevent commingling of remittances with other legitimate transactions Switches and Processors were equally ordered to immediately cease all local currency transfers in respect of foreign remittances through IMTOs.
But in the new list ten more IMTOs have been approved in the country.
The new operators approved by the apex lender are: Comet Trading Nigeria Ltd, DIirekt Wire UK Ltd, Gabtrans UK Ltd in partnership with Moneyto Ltd, GDM Transfer PTY Ltd, Innovate 1 PAY Ltd, PAYSEND Plc. Others are SANAA Capital LLC (Money4 Diaspora Services LLC), SWIFT Payment Ltd, TRANSFERCORP Limited/VFD GROUP And WI-PAY GLOBAL LLC.
