Ten more International Money Transfer Operators (IMTOs) have been granted operational licences by the Central Bank of Nigeria (CBN), bringing the number to 57.
CBN on its website, named the new operators as Transfercorp Limited/VFD Group; Comot Trading Nigeria Limited; Direkt Wire UK Limited; Gabtrans UK Limited in partnership with Moneyto Limited.
Others are 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.
CBN Governor, Mr. Godwin Emefiele, had explained reforms to increase diaspora remittances into Nigeria would support the economy and help reduce the impact of the COVID-19 pandemic.
He had said if the country could have inflows of about $10 billion to $15 billion, this would have a significant effect on the economy amidst the current fiscal constraints.
The central bank has said all diaspora remittances must go through the deposit money banks rather than mortgage or fintech institutions.
“Since I became the CBN governor, I have been hearing about the size of diaspora remittances; some say $20 billion, in fact some say it’s about $30 billion. Honestly, I have been looking for the $30 billion or $20 billion, I have not seen it.
“But this time, I have decided that I will focus to see those billions of dollars. You know what, I am not only expecting $20 billion, if we get even up to $10 billion to $15 billion, I can tell you it can help the Nigerian economy.