Saving & Banking

CBN’s licensing of 11 Money Transfer Operators will improve FX supply- Ex-ANAN Chief

A financial expert, Dr Samuel Nzekwe, on Wednesday commended the Central Bank of Nigeria (CBN) for licensing 11 new International Money Transfer Operators.

Nzekwe, a former President of the Association of National Accountants of Nigeria (ANAN), gave the commendation in Ota, Ogun.

According to him, the licensing of additional 11 International Money Transfer Operators would improve liquidity and make foreign exchange more available to low-end users.

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The apex bank said on Tuesday in a statement, said that the the move was in line with its efforts to liberalise the foreign exchange market.

Move was a commitment of the apex bank in providing an enabling environment for international money transfer services in Nigeria.

The Accountant said that the approval of the new operators would break the monopoly of the few operators in the system.

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“The policy will also open up money transfer systems by both Nigerians and Nigerians in the Diaspora,’’ he said.

Nzekwe said that sending money from Nigeria to other countries had been difficult due to the few operators in the system.

He, however, advised the apex bank to strengthen its oversight functions by checking malpractices by the operators.

“The CBN needs to ensure that all the operators play according to the rules and regulations to curb sharp practices,’’ Nzekwe said.

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