CBN Forex: Transfercorp, VFD Group, oda International Monetary Transfer Operators wey get licence to operate for Nigeria

CBN: Transfercorp Limited/VFD Group and oda International Monetary Transfer Operators wey get licence to operate for Nigeria

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Naira/ US dollars

Central Bank of Nigeria don give 10 more international money transfer operators license to operate.

Ds additional approval wey di apex bank announce so na part of efforts to boost wetin dem call diaspora remittance.

Diaspora remittance simply mean inflows of foreign currencies from abroad.

Wit dis new licence, e don increase di total number of international money companies wey dey operate for di kontri to 57.

Tori be say in recent times CBN dey come up wit policy wey go encourage inflows of foreign currencies.

CBN Govnor Godwin Emefiele, say dis reforms go support Nigeria economy and help reduce di impact of di COVID-19 pandemic.

Di central bank say all diaspora remittances must go through di deposit money banks rather than mortgage or fintech institutions.

“Since I become di CBN govnor, I don dey hear about di size of diaspora remittances; Some say $20 billion, in fact some say e dey about $30 billion.

Honestly, I dey looking for di $30 billion or $20 billion, I neva see am”. Na so oga Emefiele tok.

CBN list of newly-licensed International Money Transfer Operators

  • 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.

Wetin be di work of International Money Transfer Operators?

Di International Money Transfer Operators na financial companies.

Dia work na to receive cash and send to pesin wey dey leave for Nigeria or wey dey outside di kontri.

Dem dey also carry out cross-border transfer services for personal purposes wey gatz do wit money transfer services.

Dis money transfer services na for family and for foreign tourists wey dey visit Nigeria.