BEHOLD, CBN LICENSED 35 MONEY TRANSFER COMPANIES

The Central Bank of Nigeria has finally released the full list of licensed international money transfer operators (IMTOs) in Nigeria to avoid patronage of quacks

According to a press release signed by the Acting director of Corporate Communications, Isaac Okorafor, dated November 8, the IMTOs were 35 in number and the names were listed in alphabetical order.

The list includes two well known names even before the introduction of the inter bank foreign exchange market in June: Moneygram and Western Union.

It also includes some local names involved in similar services hitherto eTransact, pagatech, cashpot, and First transfer amongst others.

The full list also includes Aftab Currency Exchange, AWS Malta, Caperemit UK, Centrexcard; Colony Capital, CP Express, Daytona Capital Management; and DT & T Corporation.

Others are FIEM Group DBA ping express; First Apple, Foren Money, Funtech Global Communications, GDM Transfer, Homesend , IDI payment services, Nouveau mobile, Refitok International, RIA Financial, Sanaa Capital, Small world financial services group, TCF Ltd, Trans-fast remittance, UAE exchange centre, and Venture garden Nigeria.

It also includes VTnetwork, WARI Ltd, Web link International, WI-pay global and World remit ltd

In the notice the CBN warned the public against patronising unlicensed IMTOs in view of high risk of loss of  money.

Nigerian banks were also asked to know their customers more to avoid the use of local accounts for illegal money transfer since this risks sanction and outright closure of such accounts once discovered.

It also explained that most illegal transfers end up being unreported and so distort market statistics for planning and monitoring purposes.

Comments

  1. Unknown4 June 2018 at 20:05

    Many people in this region have always sort for better and easier channels of transferring or sending money other than going to bank to queue or to get token from the bank for online money transfer transactions, without knowing that there is a platform that can even do much better without any stress in carrying out such transaction almost instantly.Send money abroad 

    ReplyDelete
    Replies
    1. HENATES7 June 2018 at 14:57

      You may be right but the emphasis is on approved channels to reduce potential risks.

      Delete

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