Naira and Dollar

WorldRemit, a digital remittance service, has commended the Central Bank of Nigeria (CBN) on the re-launch of the International Money Transfer operators (IMTOS) to enhance the economy.

The company in a statement made available online on Wednesday said that the move would help Nigerians in the Diaspora to contribute effectively to the economy.

The CBN licenced 11 companies as International Money Transfer Operators (IMTOs) on Tuesday.

The 11 companies will join the Western Union, MoneyGram and Ria, to increase the number of IMTOs operating in Nigeria to 14.

“At the beginning of August 2016, hundreds of IMTOs suspended their operations, leaving Nigerians in the Diaspora to rely on just three approved companies to send money home as well as other unregulated and informal networks.

“Now WorldRemit has received a letter of approval from the CBN enabling its services to Nigeria to be resumed,” it said.

Commenting on the development Ismail Ahmed, the founder and CEO of WorldRemit, said that the decision was good for the company and for the sector.

“We launched our service in Nigeria in 2011 when we pioneered instant deposits to all bank accounts.

“Our service provided Nigerians in the Diaspora with an easy, secure and low cost way to send money home as well as bringing much-needed foreign exchange into the local economy.

“We are delighted that we can now resume operations,” he said.

He further commended the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria.

According to him, the increased competition will help to bring the estimated 50 per cent of remittances to Nigeria.

The remittances, he said, would no longer go through unregulated, informal networks as much as it obtained today, but be channelled through licensed IMTOs.

“We’re grateful to the many Nigerians both at home and in the Diaspora that supported our call for money transfers to be restored.

“A competitive remittance market provides Nigerians with greater convenience and better pricing,” he stressed.

Author: Cerebral Lemon