Last Updated on February 2, 2021 by Ope Quadri
Some payment platforms get the approval of the Central Bank of Nigeria to carry out cross-border payments and currency exchange.
In this post, we’ll give you an updated list of international money transfer operators (IMTOs) in Nigeria.
NOTE: Azimo, Transfer Wise Are Not Registered IMTOs in Nigeria
Do you have family and friends abroad who are worried about how to wire money back home?
You need not worry any longer as in this list you’ll see the CBN certified outbound money transfer in Nigeria.
You can recommend any of the licensed international money transfer to anyone abroad.
They are safe and secure because they’ve passed the verification of Nigeria’s apex bank.
Every year, the CBN reviews the license of all money transfer operators to ensure that they operate within the ambit of Nigeria’s financial transfer policy.
All the 61 firms listed on this post can be used as a medium to transfer money back to Nigeria.
They use “an electronic transfer of funds in a specific currency and amount, to a friend, relative, or company overseas.”
List of IMTOs in Nigeria
- OPay (newcomer Owned by Opera): OPay got a license for International Money Transfer on November 2019.
- Aftab Currency Exchange Limited
- AWS Malta Limited
- Brac Saajna Exchange Limited
- Caperemit UK Limited
- Cashpot Limited
- Centrexcard Limited
- Chime Inc.
- Colony Capital Limited
- Comet trading Nigeria Limited
- CP Express Limited
- Daytona Capital Management Limited
- DT&T Corporation Limited
- eTransact Limited
- Fast FX Limited
- Fiem Group LLC
- First Apple INC.
- First Transfer INC
- FJ Williams Inc DBA Tranzalert
- Flutterwave Technology Solutions Limited
- Foren Money Limited
- Fortified Fronts Limited in partnership with e-2-e pay limited
- Funtech Global Communications Limited
- Gabtrans UK Limited in partnership with Money Limited
- GDM Transfer Pty Limited
- Global currency travel and tours Limited
- Homesend S.C.R.L
- IDT Payment Services INC
- Immueeble Wari Limited
- Interfundex Inc
- Interswitch Limited
- MyMoneySend Limited
- Nigerian Postal Services
- Nouveau Mobile Limited
- Omnex Group Inc
- Pagatech Limited
- PayPal Inc
- Paysend Plc
- Refitok International Limited
- Remit Hub Cafe Limited
- Remitly Inc
- Ria Financial
- Sanaa Capital LLC (Money4 Diaspora Services LLC)
- Shift Financial Services Limited
- Small World Financial Services Group Limited
- Swift Payment limited
- TCF Limited
- Trans-Fast Remittance LLC
- Transfercorp Limited/VFD Group
Other IMTOs in Nigeria are:
- Transferto Mobile Financial Services Limited
- Xpress Money Services Limited
- Venture garden Nigeria
- Volopa Financial Services Limited
- Vtnetwork Limited
- Weblink International Limited
- Western Union
- Wi-Pay Global LLC
- Worldremit Limited
- Direkt Wire UK Limited
- Naira Gram LLC operating in Nigeria as NGN Gram Limited.
- UAE Exchange Centre LLC
- FIEM Group LLC DBA Ping Express
The bank said the illegal operators use Naira accounts opened in local commercial banks to lure unsuspecting customers with ridiculous exchange rates.
“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, Isaac Okorafor, said in Abuja.
He warned deposit money banks (DMBs) against being used for such illegal transactions, “Central Bank will not hesitate to block such accounts when discovered and the operators will be handed over to the law enforcement agencies for prosecution.”
The above operators provide international money transfer services for companies and individuals across the World. You can download the Updated List Here.