Central Bank of Nigeria restores WorldRemit’s money transfers to Nigeria

WorldRemit commends the restoration of money transfers to Nigeria, following the decision of the Central Bank of Nigeria (CBN) to approve WorldRemit and ten other international money transfer operators (IMTOs).

At the beginning of August 2016, hundreds of IMTOs suspended their operations, leaving the Nigerian diaspora to rely on just three approved companies to send money home, as well as unregulated, informal networks.

Now WorldRemit has received a letter of approval from the CBN enabling its services to Nigeria to be resumed.

Ismail Ahmed, founder and CEO of WorldRemit said, “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 channelled through licensed IMTOs.

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 money transfers to Nigeria until 30 September 2016.

At the beginning of August 2016, hundreds of IMTOs suspended their operations, leaving the Nigerian diaspora to rely on just three approved companies to send money home, as well as unregulated, informal networks.

Now WorldRemit has received a letter of approval from the CBN enabling its services to Nigeria to be resumed.

Ismail Ahmed, founder and CEO of WorldRemit said, “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 channelled through licensed IMTOs.
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 money transfers to Nigeria until 30 September 2016.