CBN meets IMTOs to brainstorm on doubling remittance inflows

The Central Bank of Nigeria says it has collaborated with International Money Transfer Operators to collectively commit to doubling remittance flows through formal channels into Nigeria.

IMTOs accept cash to transmit to persons resident in Nigeria or another country. They also carry out cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria.ongoing annual meetings of the International Monetary Fund and World Bank Group.

“We’ve had very productive discussions with leading International Money Transfer Operators where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term,” he said.“This target is both ambitious and achievable and we are wasting no time setting up a collaborative transpose reporting to myself to drive progress and address any bottlenecks that hinder flows through formal channels.

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