Nigeria’s Central Bank Has Now Restored WorldRemit Money Transfer Services

Nigeria’s Central Bank has restored the money transfer services of WorldRemit and 1o other International Money Transfer Operators (IMTO). The money transfer services of WorldRemit in Nigeria was shut down some weeks back. WorldRemit launched a campaign for the restoration of its services and it appears that the Nigerian authorities have listened to this call.

In its press release, the CBN announced that it did this as part of “efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users”. WorldRemit was reported to have received a letter of approval from the CBN to resume its services in Nigeria.

Others IMTOs that were approved include the following:

  • TRANS-FAST REMITTANCE LLC
  • UAE EXCHANGE CENTRE LLC
  • WARI LIMITED
  • HOMESEND S.C.R.L
  • SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
  • WEBLINK INTERNATIONAL LIMITED
  • CASHPOT LIMITED
  • DT&T CORPORATION LIMITED
  • FIEM GROUP LLC DBA PING EXPRESS
  • CP EXPRESS LIMITED

Here was what the WorldRemit CEO said about the restoration of its services:

“We launched our service to Nigeria in 2011 when we pioneered instant deposits to all bank accounts. Our service provided the Nigerian 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’re delighted that we can now resume operations.”

“We commend the the Central Bank of Nigeria for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. Increased competition will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into formal networks channeled 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.”

To celebrate the restoration of its services, WorldRemit is offering promotional pricing of $0.01, €0.01, £0.01 or equivalent on all money transfers to Nigeria until 30 September 2016.


Originally published at Techvoize.