The Central Bank of Nigeria (CBN) has released the list of 47 International Money Transfer Operators (IMYOs) approved to receive foreign exchange remittances from Diaspora Nigerians.
According to the list posted on the bank’s website today, 17 of the IMTOs were based in the United Kingdom; 14 in Lagos; eight in the United States of America; three in Abuja; two in Senegal and one each in Ibadan, Morocco and Belgium.
IMTOs accept cash for the purpose of transmitting to persons resident in Nigeria or another country. They also carry out cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria.
As part of efforts to deepen foreign exchange liquidity, the apex bank directed deposit money banks (DMBs) to close naira accounts of IMTOs in December 2020.
The CBN banned the unauthorized international money transfer operators from such transactions, warning that it would apply severe sanctions against them if they remained adamant.
It also came up with a new policy to force IMTOs and Money Deposit Banks to pay recipients of remittances in foreign currencies, rather than the Naira.
Until then, the IMTOs and banks were said to be shortchanging remittances beneficiaries, as they gave them less Naira equivalent of their foreign exchange sent to them by Nigerians in the Diaspora.
The practice was seen to have become a disincentive to Diaspora remittances, which led to the policy measures of the apex bank.
CBN equally went a step further to grant a N5 /$1 incentive for remittances receivers, in order to further boost Diaspora remittances.
The governor of the CBN, Mr Godwin Emefiele, said last weekend that the policy had been effectively applied by other jurisdictions to increase Diaspora remittances and expressed that Nigeria would also witness a boost in remittances, going forward.
His words, “In a bid to reduce the cost of remitting funds to Nigeria, the Central Bank of Nigeria on March 8, 2021, introduced a refund of N5 for every $1 of fund remitted into the country through IMTOs licensed by the CBN.
“We believe this measure would help to support improved foreign exchange inflows and enable Nigerians in the Diaspora to use more formal channels relative to informal channels.
These measures are not new as several countries have adopted similar measures to reduce the cost of remitting fund by their Diaspora community, which has led to surges in remittance inflows through formal channels.”
List of approved IMTOs
Aftab Currency exchange limited – Pall Mall Court, 61-67 King Street, Manchester, M2 4PD, United Kingdom.
Azimo Limited – 173 Upper Street London, NI IRG United Kingdom.
Belyfted Limted – 44 Whalebone Lane South Dagenham, Essex RMB 1BB, United Kingdom.
Capremit UK Limited – 47 Stanley Road Stevenage Hertfordshire SG2 OEE United Kingdom.
Cashpot limited – 157, Deptford High Street SE8 3NU, London United Kingdom.
Centrexcard Limited – Unit 46, Dartford Business Park (Basepoint) Victoria Road, Dartford DA1 5FS, Kent, UK.
CP Express Limited – 346 Barking Road London, E13 8HL.
DT&T Corporation Limted – 3 Harbour Exchange Square London E14 9GE.
Funtech Global Communications Limited – Clarendon House 125 Shenley Road Borehamwood Heartshire WD6 1AG United Kingdom.
Global Currency Travel & Tour Limited – 1280 Ashton Old Road Manchester, M11 1JJ United Kingdom.
Homesend S.C.R.L – Rue des Colonies 56, 6th Floor-B1000 Brussels Belgium.
Remit Hub Cafe Limited – 175 Chesterton Road Cambridge, CB4 1AF United Kingdom.
Small World Financial Services Group Limited – Antonio Inesta Units 3&4 Sycamore Court Royal Oak Yard 168-170 Bermondsey Street SE1 3TQ, London.
Transferto Mobile Financial Services Limited (THUNES) – London Iron House London SE1 1UN United Kingdom.
Volopa Financial Servie (SCOTLAND) Limited – Maclay Murray & Spens LLP 1 George Square, Glasgow, G2 1AL.
WorldRemit Limited – 2nd Floor, 62 Buckingham Gate London SW1E 6AJ.
Xpress Money Service Limited – office #426, 1 Olympic Way Wembley HA9 ONP London, UK.
Weblink Interntional Limted – The Enterprise Centre (Unit 1) Hastings Road, Bromley Kent BR2 8NA, London.
Chime INC. 239 East 5th Street Suite 4B New York, NY 10003 United States.
FIEM Group LLC DBA PING Express – 1327, Empire Central Drive St. 110-6 Dallas Texas.
First Apple INC. 6492 Landover Road Suite A1 Landover MD20785 Cheverly, USA.
IDT Payment Services INC. – 520 Broad Street USA.
Makeba INC. – 85, Broad Street, 18th FI New York, NY 10004.
Paypal INC. – #2211 North First Street San Jose, CA95131 United States of America.
Remitly INC. 111 Third Avenue Suite 2100 Seattle, WA 98101 United States.
Trans-Fast Remittance LLC – 44 Wall Street, Suite 400 New York, NY10005 USA.
Colony Capital Limited – Plot 5 Chief Yesefu Abiodun Way Oniru, Victoria Island Lagos.
eTranzact Limited – 4th & 5th Floors, Fortune Tower 27/29 Adeyemo Alakija Street Victoria Island Lagos.
Flutterwave Technology Solution Limited – 8 Providence Street, Lekki Phase 1 Lagos.
Fortified Fronts Limited – in Partnership with e-2-e PAY LIMITED #15 Glover Road Ikoyi, Lagos.
Funds & Electronic Transfer Solution – No. 15, Cameron Road, Ikoyi, Lagos.
Moneygram – Africa Re-Insurance Building 1679, Karimu Kotun Victoria Island, Lagos
Interswitch Limited – Plot 1648C Oko-Awo Close Victoria Island Lagos.
Naira Gram LLC operating in Nigeria as NGN GRAM Limited – 24b Femi Okunnu Phase 2, Lekki Lagos State.
Nigerian Postal Service (NIPOST) – P.M.B 12537, Garki Abuja.
Nouveau Mobile Limited – c/o 31B Oyeleke Street Alausa Ikeja, Lagos.
Pagatech Limited – 176 Herbert Macaulay Way Yaba, Lagos.
Paycom Nigeria Limted – Plot 8, Dr Nurudeen Olowopopo Avenue Alausa, Lagos.
Shift Financial Services Limited – No.1 Goba Close (Suite 3), Off Monrovia Street Off Aminu Kano Crescent Wuse 2, Abuja.
Simplify International Synergy Limited – No. 18, A-Close, 14 Road Gwarimpa, Abuja.
TCF LIMITED – 2A Osborne Road Pees Galleria, Suite 4 Ikoyi, Lagos.
Venture Garden Nigeria – Plot E, Ziatech Road Oregun, Ikeja Lagos.
VTNetwork Limited – No.5 Beckley Street, Off Adeyi Avenue Old Bodija, Ibadan Oyo State.
Xpress Payment Solution Limited – 23, Oba Akinjobi Way Ikeja GRA Lagos.
Western Union – 7th Floor, Shore 13 1100 Boulevard Al Qods-Quartier Sidi Maarouf 20270 Casablanca Morocco.
Immueuble Wari Limited – 20 Rue Amadou Assane Ndoye 7 Etge BP 32 368 Dakar Dakar Senegal.
RIA Financial – 1 Allées Seydou Nourou Tall point E Dakar – Senegal.