Worldremit commends CBN on re-launch of IMOTS


WorldRemit, a digital remittance service, has commended the Central Bank of Nigeria (CBN) on the re-launch of the International Money Transfer operators (IMOTS) to enhance the economy.

The company in a statement made available online on Wednesday said that the move would help Nigerians in the Diaspora to contribute effectively to the system.

The CBN had on Tuesday approved 11 companies for International Money Transfer Operators (IMTOs).

The 11 companies will join the Western Union, Money Gram and Ria that were operating making them 14 IMTOs operating in the sector.

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

“Now WorldRemit has received a letter of approval from the CBN enabling its services to Nigeria to be resumed,” it said.

Commenting on the development Ismail Ahmed, the founder and CEO of WorldRemit, said that the decision was good for the company and the sector.

“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 are delighted that we can now resume operations,” he said.

He further commended the CBN for reaffirming the country’s commitment to building an enabling environment and level playing field for international money transfer services to Nigeria.

According to him, the increased competition will help to bring the estimated 50 percent of remittances to Nigeria.

The remittances, he said would currently go through unregulated, informal networks into formal networks channelled 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,” he added.

He said that to celebrate the re-launch of its service to Nigeria, “WorldRemit is offering promotional pricing of 0.01 dollar, 0.01 euro, 0.01pounds or equivalent on all money transfers to Nigeria until Sept. 30, 2016.”