WorldRemit, a provider of remittance service, says its money transfer service to Nigeria has been restored by the Central Bank of Nigeria (CBN).
At the beginning of August this year, hundreds of IMTOs suspended their operations in Nigeria that left the Nigerian Diaspora to rely on Western Union, MoneyGram and Ria, the company claims.
The apex bank has also approved other international money transfer operators (IMTOs).
WorldRemit said in a statement that it has received a letter of approval from the CBN to resume its digital money transfer services to Nigeria, and also commended the apex bank for the decision.
Ismail Ahmed, founder and CEO of WorldRemit, says: “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.
“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.”
According to him, WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts. The service provided the Nigerian Diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy and supporting the country’s move towards a cashless economy.
To celebrate the re-launch of its service to Nigeria, WorldRemit says it is offering promotional pricing of nominal $0.01, €0.01, £0.01 or equivalent in fees on all money transfers to Nigeria until 30 September 2016.