CBN approves 10 new IMTOs

A photo of the Central Bank of Nigeria Office, Abuja, Nigeria
Central Bank of Nigeria Office, Abuja, Nigeria

In order to ensure the fluid movement of funds to and from Nigeria and the diaspora, the Central Bank of Nigeria endorsed ten new International Money Transfer Operators (IMTO) in addition to the already existing forty-seven ones.

Godwin Emefiele, the Governor of CBN that the increase of remittance from the diaspora has risen to over $30 million weekly, birthing the need for more IMTOs associated with Nigeria.

The CBN governor also stated that he believes that the introduction of the new IMTOs will do plenty of good for foreign exchange in Nigeria.

The Central Bank of Nigeria included a rebate of N5 for every $1 of fund remitted to Nigeria through the IMTOs.

The ten newly endorsed IMTOs are:

  • GDM TRANSFER PTY LIMITED
  • INNOVATE 1 PAY LIMITED
  • PAYSEND PLC
  • SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLCS)
  • SWIFT PAYMENT LIMITED
  • TRANSFER CORP LIMITED / VFD GROUP
  • WI-PAY GLOBAL LLC
  • GABTRANS UK LIMITED in partnership with MONEYTO LIMITED
  • DIREKT WIRE UK LIMITED
  • COMET TRADING NIGERIA LIMITED

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