Published On: Thu, Sep 1st, 2016

Money transfer agency lauds clearance by CBN

WORLD REMIT 1LAGOS, (CAJ News) – A LEADING digital remittance service has commended the restoration of money transfers to Nigeria.

The Central Bank of Nigeria (CBN) had at the beginning of August suspended the operations of hundreds of operators amid irregularities in the sector.

The apex bank has since approved 11 international money transfer operators (IMTOs) to resume operations.

WorldRemit, which has received a letter of approval from the CBN, welcomed the move.

“We commend 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,” said Ismail Ahmed, founder and CEO of WorldRemit.

He said increased competition would help bring the estimated 50 percent of remittances to Nigeria. These currently go through unregulated, informalnnetworks into formal networks channelled through licensed IMTOs.

“We’re grateful to the many Nigerians both at home and in the diaspora thatvsupported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”

To celebrate the relaunch of its service to Nigeria, WorldRemit is offering promotional pricing of $0,01, €0,01, £0,01 or equivalent on all moneyvtransfers to Nigeria until September 30.

“We’re delighted that we can now resume operations,” said Ahmed .

CAJ News

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