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FULL LIST: CBN approves 10 additional IMTOs to boost diaspora remittances

Beneficiaries of diaspora remittances through the IMTOs will have such inflows in foreign currency (US dollar) through the designated bank of their choice.

The Central Bank of Nigeria (CBN) has approved 10 additional international money transfer operators (IMTOs) to boost diaspora remittances.

Nigeria’s foreign exchange (FX) earnings suffered a sharp decline following the impact of COVID-19.

This has forced the CBN to seek ways of improving the country’s FX earnings through diaspora remittances.

In March, TheCable reported that CBN authorised a list of 47 IMTOs.

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.

The CBN had announced that beneficiaries of diaspora remittances through the IMTOs will have such inflows in foreign currency (US dollar) through the designated bank of their choice.

In another major FX inflow drive, the CBN introduced a “Naira 4 Dollar Scheme” where recipients of diaspora remittances through CBN-licensed IMTOs are paid N5 for every $1 received as remittance inflow.

Below is a list of 10 additional IMTOs approved by the CBN.

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NO.NAMEADDRESS
1COMOT TRADING NIGERIA LTD14, Idowu Martins Street, Victoria Island Lagos
2.DIREKT WIRE UK LTD 8 Norfolk House, 9 Brookmill Road, London, England, SE8 4HL
3.GABTRANS UK LTD in partnership with MONEYTO LTD49, Incerness Mews London, England E16 2SP
4.GDM TRANSFER PTY LTDSuite 15, 103 George Street Parramatta, New South Wales 2150 Australia
5.INNOVATE 1 PAY LTDNo. 4 Yola Street Area 7- Garki Abuja
6.PAYSEND PLC#8 Golden Square, Piccadilly, London United Kingdom
7.SANAA CAPITAL LLC (MONEY4 DIASPORA SERVICES LLC)454 S. Anderson Road, Suite 311 Rock Hill, SC 29730 South Carolina USA
8.SWIFT PAYMENT LTD25 Lakedale Road London SE18 1PP United Kingdom
9.TRANSFERCORP LIMITED/VFD GROUPForesight House, 163/165 Broad Street, Lagos Island, Lagos
10.WI-PAY GLOBAL LLC1201; Orange Street, Suite 600 Wilmington, DE19801 USA

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