Tuesday, October 21, 2025
24.5 C
Lagos

WorldRemit Seeks Urgent Restoration of Money Transfers to Nigeria

WorldRemit, a leading online remittance provider, is calling for the urgent restoration of money transfers to Nigeria as draconian new rules leave virtually all money transfer operators (MTOs) unable to provide services to the West African country.
Only three companies – Western Union, MoneyGram and Ria – will be able to continue operations, following an extreme and unexpected move by the Central Bank of Nigeria.
WorldRemit, in common with all other international MTOs, has been instructed by its local correspondents that transfers to Nigeria will no longer be processed and is, accordingly, suspending services immediately.
WorldRemit founder and CEO, Ismail Ahmed said: “This move is arbitrary, inexplicable and hugely detrimental to the Nigerian diaspora who rely on hundreds of money transfer companies and banks, providing them with choice, convenience and competitive pricing.
“Even now, as we suspend our service, there is no clarity on why this sudden change has happened. If it is on the basis of new rules, there was no warning. If it is a re-interpretation of old rules, local correspondent networks and banks should have been forewarned.
“This reverses the progress made by the country when the Nigeria Central Bank banned Western Union’s exclusivity agreements that had created a near-monopolistic position in the international money transfer market. Western Union controlled 78% of the market share when CBN outlawed exclusivity agreements with local banks.”
Until now, money transfer operators such as WorldRemit operated via partnerships with licensed local correspondents in Nigeria, enabling transfer of funds to local bank accounts – providing a more efficient service than the SWIFT infrastructure.
WorldRemit has also raised concerns about a 2015 memorandum from the Central Bank of Nigeria, setting out minimum requirements for companies offering international Mobile Money transfer services to Nigeria.
The guidelines specify that any company offering Mobile Money transfers must have minimum net assets of $1bn and have been operating for more than 10 years.
WorldRemit is the world leader in transfers to Mobile Money accounts and had been planning to launch remittances to Mobile Money services in Nigeria.
“It looks like all systems in Nigeria are currently geared against encouraging new entrants and competition in the mobile remittance markets. That is worrying in the extreme,” said Ismail Ahmed.
WorldRemit sends more than 40,000 money transfers to Nigeria every month.
Nigeria received more than $20bn in remittances annual from migrants around the world.

spot_img
spot_img
spot_img

Hot this week

When Transparency Becomes Luxury: INEC and ₦1.5bn FOI Controversy

By Chike Walter Duru When the Independent National Electoral Commission...

Unity Bank Corpreneurship Challenge Beneficiaries Hit 578 as 30 More Winners Emerge

  No fewer than 578 young entrepreneurs across Nigeria have...

Polaris Bank Reinforces Commitment to Exceptional Customer Experience at Global Trade Forum in Ibadan

Chris Ofikulu, Executive Director, Retail & Commercial Banking, Polaris...

Fidelity Bank Bags Awards for Best Export, Trade Support and Innovation

  Fidelity Bank’s market leadership has been affirmed once again...

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Topics

‘Gas is Critical for Sub-Saharan Africa’s Energy Future’

‘ Energy experts discuss the importance of gas for Africa’s...

Linkage Assurance Delegates at 2025 AIO Conference

From Left:  Executive Director – Technical; Mr. Okanlawon Adelagun; Managing...

Ecobank Supports Women Entrepreneurs, Partners WOWe Festival

In line with its corporate disposition to sustainable women empowerment, Ecobank Nigeria is partnering Women’s Entrepreneurship Day (WED) on the hosting of the 2015 Women of West Africa Entrepreneurship (WOWe) Festival. The WOWe Festival 2015 with the theme ‘Vision to Reality’ slated for June 25 and 26, will provide the opportunity for female entrepreneurs and corporate professional women with entrepreneurial ambitions, to secure practical information on how to transform their businesses and realise their entrepreneurial ambitions.

NPF Insurance Receives Operational Licence from NAICOM

The National Insurance Commission (NAICOM) today, November 29, 2024,...

NIMC Enrolls 59, 786 Inmates in Correctional Centres Nationwide

The National Identity Management Commission has successfully enrolled and...

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

Linkage Assurance Boosts Third Party Insurance Policy

The underwriting firm, Linkage Assurance Plc, has enhanced the...

4G Connections Hit 1bn as Mobile Broadband Momentum Extends

The number of 4G mobile connections worldwide has surpassed...
spot_img

Related Articles

Popular Categories

spot_imgspot_img