Do you have family and friends in Nigeria you would like to send money to? You need not worry because the Central Bank of Nigeria (CBN) has a list of certified IMTOs that can successfully help you deliver funds to your loved ones back home.
What are IMTOs?
IMTOs are International Money Transfer Operators that are licenced by the CBN to handle cross-border funds from foreign countries to Nigeria. They are safe and secure because they’ve passed the verification of Nigeria’s apex bank.
However, they can only process payment in Naira even when you’re paid in USD or other foreign currencies, according to new CBN guidelines
Offshore payment via unregistered payment services
A few days ago, banks in Nigeria updated their customers about the list of registered IMTOs in Nigeria through which they can get money delivered to them by their foreign family members.
Specifically, Access Bank Plc stated that offshore funds payments processed via unregistered payment services will not be received or processed by the bank.
List of IMTOs in Nigeria
In view of this, here is a list of registered IMTOs in Nigeria:
- Western Union
- Moneygram
- RIA Financial/Continental Exchange
- Tranfast/Mastercard Transaction Services
- PaySend
- WorldRemit
- Smallworld/LCC Trans-Sending Limited
- Sendwave
- Naira Gram LLC (NGN Gram Limited)
- First Apple /Lead Remit
- IDT Payment Services INC/Boss Revolution
- Thunes/Tranferto Mobile Financial Services
- Glo Currency
- CapRemit
- Venture Garden Group (VGG)
- SimbaPay
- VT Network
- TEREPAY
- Remitly Inc
- eTransact Limited
- MUKURU
- MultiGate
- Quick Remit
- Simplify International Synergy Limited
- AFTAB Currency Exchange Limited
- Azimo Limited
- BELYFTED Limited
- Cashpot Limited
- Centrexcard Limited
- Chime Inc.
- Colony Capital Limited
- CP Express Limited
- DT&T Corporation Limited
- Fiem Group LLC
- Funds and Electronic Transfer Solution
- Homesend S.C.R.L
- Immueuble Wari Limited
- Interswitch Limited
- Makeba INC
- Nigerian Postal Services (NIPOST)
- Nouveau Mobile Limited
- Pagatech Limited
- PAYCOM Nigeria Limited
- PayPal Inc
- Remit Hub Cafe Limited
- Shift Financial Services Limited
- TCF Limited
- Xpress Money Services Limited
- Weblink International Limited
- Trans-Fast Remittance LLC
- Vtnetwork Limited
- XPRESS Payment Solutions Limited
- Funtech Global Communications Limited
- Global currency travel and tours Limited
- Flutterwave Technology Solutions Limited
- Transferto Mobile Financial Services Limited
- Volopa Financial Services (Scotland) Limited
- Small World Financial Services Group Limited
- Fortified Fronts Limited in partnership with e-2-e pay limited
“Nigerians in the Diaspora are advised not to patronize unlicensed International Money Transfer Operators, as they stand the risk of losing their hard-earned money,” CBN’s spokesperson once said in a statement.