The Central Bank of Nigeria (CBN) has released an updated list of approved International Money Transfer Operators (IMTOs) in Nigeria. The list contains 36 IMTOs that are authorized to facilitate cross-border remittances into Nigeria.
According to the CBN, the updated list is part of its efforts to ensure transparency and stability in the foreign exchange market, as well as to promote competition and consumer choice. The CBN also stated that the IMTOs are required to comply with the relevant guidelines and regulations for their operations.
The IMTOs on the list include well-known names such as MoneyGram, PayPal, Ria Financial, and Remitly, as well as local players such as Flutterwave, Interswitch, Paga, and eTranzact. The list also features some new entrants such as Chime, Makeba, and Naira Gram.
The CBN had earlier issued fresh guidelines for IMTOs in Nigeria amid the foreign exchange crisis, which included a minimum operating capital requirement of $1 million, a mandatory registration with the Nigerian Export-Import Bank (NEXIM), and a prohibition of banks and fintechs from providing international money transfer services.
The CBN's move to regulate the IMTOs is aimed at curbing the activities of illegal operators, who often charge exorbitant fees and offer unfavorable exchange rates to customers. The CBN also hopes to boost the inflow of remittances into Nigeria, which is one of the largest sources of foreign exchange for the country.
According to the World Bank, Nigeria received $21.7 billion in remittances in 2020, making it the sixth-largest recipient of remittances in the world, and the largest in Africa. However, this figure represents a 27.7% decline from the $29.9 billion recorded in 2019, due to the impact of the COVID-19 pandemic on the global economy and the mobility of migrants.
The CBN has assured the public that it will continue to monitor the activities of the IMTOs and other stakeholders in the remittance industry, and take appropriate actions to ensure compliance and safeguard the interests of customers.
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