CBN Blocks Money Transfers Into The Country From Most Operators - Business - Nairaland
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DSS Raids Bureau De Change Operators In Abuja & Lagos, Forces Dollar Down To 400 / Naira To Appreciate As CBN Issues Licence To New Intn.l Money Transfer Operators / CBN Blocks Money Transfers Into The Country From Most Operators (2) (3) (4)
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| CBN Blocks Money Transfers Into The Country From Most Operators by RZArecta(m): 10:32pm On Aug 02, 2016 |
London. August 2nd, 2016: 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 annually from migrants around the world. About WorldRemit WorldRemit is a leading provider of international money transfers through its mobile apps and web service. In addition to cash pickup and bank deposit options, WorldRemit offers instant transfers to more than 30 Mobile Money services, with more than 100,000 transfers per month being received directly on mobile phones. WorldRemit received a $40m Series A investment from Accel Partners in 2014, and a $100m Series B led by Technology Crossover Ventures (TCV) in 2015. In November 2015, WorldRemit was named the UK's fastest growing technology company in the Deloitte UK Technology Fast 50 awards. WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand. https://www.worldremit.com/en/news/worldremit-calls-for-urgent-restoration-of-money-transfers-to-nigeria 1 Like |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Tearg1: 10:52pm On Aug 02, 2016 |
Shouldn't the country be encouraging more forex transfers? Another deadbeat from our so called apprentices handling the economy.... These morons need to ask George Osborne for a tip on how to stabilise an economy.... If this move was so good wouldn't other countries impliment it?? This makes me believe someone somewhere is making Billions extra in their greedy pockets... If this move backfires it can harm the economy that is already dead... 53 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 12:38am On Aug 03, 2016 |
When other countries are encouraging more Transfer agencies to better their economy and make life easy for their citizens, Ours is busy making stupid policies that would kill our crippled economy the more and even make life more unbearable for the poor masses who are striving to survive. This is really a Clueless administration. May God help us! 53 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by fyneguy: 1:06am On Aug 03, 2016 |
Tearg1: The idea is to use the channels to stabilize forex. CBN has asked licensed transfer operators to sell the foreign currencies to BDCs, to shore up supply and consequently stabilize exchange rate. WorldRemit may have to apply for the licence and run its operations in accordance with these policies. 14 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by naijaking1: 3:03am On Aug 03, 2016 |
It's another policy devoid of reason, and likely based upon being bribed by the big operators like western union. Where is competition? The results of this evil and anti-people policy are immediate and direct deliterious effect on the fragile economy: 1. The few incoming dollar will worsening sacarcity of the foreign currency 2. The big players will tighten their rate and make even more profit for themselves 3. Government has been misadvised that money sent from overseas is making the economy worse. 4. It's all about corruption. 40 Likes 1 Share |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Candyrain(m): 3:24am On Aug 03, 2016 |
God I know I shouldn't be asking u this but I just need to, why did u make me a Nigerian? What crimes have I committed to deserve these? These are the things I need to know. 40 Likes 2 Shares |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Pidggin(f): 3:27am On Aug 03, 2016 |
APC progressing backwards 19 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by onatisi(m): 6:15am On Aug 03, 2016 |
I look and laugh. "I cant think far, I cant think madness" 18 Likes 1 Share
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| Re: CBN Blocks Money Transfers Into The Country From Most Operators by blackfase(m): 7:21am On Aug 03, 2016 |
Madness on the part of govt. This will seriously affect people... 3 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by fxbot: 8:03am On Aug 03, 2016 |
Oh my GOD!!!!! lalasticlala, please Mynd44 front page. We are finished. 1 Like |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by gmaribel(m): 8:10am On Aug 03, 2016 |
naijaking1: The CBN is looking for a way to kill enterprising Nigerians. They don't seem to realize that in their bid to strengthen the naira they are smothering the very people the small businesses who would have helped. Which foreign investor will want to do business in such an archaic climate? 18 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by onatisi(m): 8:14am On Aug 03, 2016 |
fxbot: 7 Likes
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| Re: CBN Blocks Money Transfers Into The Country From Most Operators by PapaBrowne(m): 8:22am On Aug 03, 2016 |
Whats happening in this country? Money remittances from Nigerians in Diaspora are the biggest, I repeat biggest stabilizer of the Naira as they put Forex directly into the hands of the Nigerian economy on a daily basis. Over the years we have been recieving over $20 Billion in remmitances yearly. Thats more than all the state budgets in Nigeria combined. Thats money that we need desperately at this time. Why on planet earth would you now place restrictions on the likes of worldremit who have revolutionalized the money transfer industry. This is terrible governance at its peak. Buhari and the CBN are doing everything possible to destroy the Nigerian economy. 40 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by fxbot: 8:44am On Aug 03, 2016 |
lalasticlala, Mynd44 please front page ooo |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 8:44am On Aug 03, 2016 |
I cannot explain the long term effect if this policy but the short term is highly detrimental to our economy Investors dont like sudden changes and flippant government policies. I hope this government wakes up after the expert summit they saud they are holding this week 9 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by natasha: 8:51am On Aug 03, 2016 |
i got the same email from world remit and another message from a different money transfer agency i use. Apparently it comes into effect today. One would think that a country where salaries are owed civil servants for 6 months, private sector laying off workers, cost of living and basic necessities are on the high, internal revenue is low, the government and its cohorts would reason and not stop cashflow from abroad but they say common sense isnt common. This government is not a govt of the people. They have lost touch with the citizens who voted them in. They ignore the voice and the cries of their people. Perhaps because they have billions stashed up in their accounts and therefore assume that they are exempt from the suffering. They shouldnt worry, until hungry citizens start kidnapping their families due to starvation, perhaps only then will they realise that the change the sold to Nigerians isnt the change Nigerians asked for 18 Likes 1 Share |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by coolscott(m): 8:54am On Aug 03, 2016 |
[size=13pt]I believe that Buhari is selfish with power. I see him attempting something illegal and fraudulent to hold on to power in 2019 even if his party and the people don't want him by 2015. There's something that happens with people where they are grasping as kids. Want everything to themselves. Then as kids, we grow out of this. But some become manic grasping again, the way they were when they were kids. Some people become this way again at old age. I am afraid Buhari is like that. To see that it was nothing but a mare and persistent "give me, give me, give me" that drove him through these 3 elections over 12 years and nothing really spectacular he was yearning to do for the country makes me think so. If some of the wrong things being done now are some of the things planned to do, then I still see him being resolute on that path because it will mean that these things have burned strongly in his heart over this 12 or 16 year period so we can only imagine how determined he probably is to see it through (especially now when his hard efforts have resulted in placing him at the implementation stage). I don't see this man letting go or wanting to let go even if he discovers that nobody (generally speaking) wants him[/size] 25 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 9:03am On Aug 03, 2016 |
coolscott: That was my concern during the last elections. You dont give power to a desperate person and belive he will give it back peacefully 29 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by tempest02: 9:40am On Aug 03, 2016 |
Was wondering yesterday
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| Re: CBN Blocks Money Transfers Into The Country From Most Operators by SolidGenius(m): 10:07am On Aug 03, 2016 |
Hell the CBN has valid reasons! Some times having so many choices makes us puppets in the hands of this foreign Corporate demons. 3 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by RZArecta(m): 11:59am On Aug 03, 2016 |
SolidGenius:you didn't just make this statement 27 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by veekid(m): 12:59pm On Aug 03, 2016 |
Good |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by biznessben(m): 1:00pm On Aug 03, 2016 |
The Islamic State (IS) militant group has announced that its West African affiliate Boko Haram has a new leader. Abu Musab al-Barnawi, who was previously spokesman for the Nigerian-based Islamists, is featured in the latest issue of an IS magazine. It does not say what has become of the group's former leader Abubakar Shekau. He was last heard from in an audio message last August, saying he was alive and had not been replaced - an IS video released in April said the same. http://www.bbc.com/news/world-africa-36963711 |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by ITbomb(m): 1:00pm On Aug 03, 2016 |
This is what happens when you have nothing to offer to the world, you will be thinking that any move is trying to take out of the country. That payment system sha will make money circulation very porous and that is something we cannot afford now |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by ephi123(f): 1:00pm On Aug 03, 2016 |
Buhari messing up this country's economy since 1901. Much needed foreign remittance is now being frustrated. He has lost the plot completely. 7 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by NovusHomo(m): 1:01pm On Aug 03, 2016 |
Tearg1: "Harming the dead", only in Nigeria.  4 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by obailala(m): 1:02pm On Aug 03, 2016 |
This is a strange development which I don't think has come in at a good time. Somehow someway, the two main operators I use (Rhemito and Azimo) do not seem to be affected by this development. Modified: Unregistered International Money Transfer Operators should simply go register with the CBN and follow simple forex guidelines; this shouldn't be a big deal but Nigerians just love illegality. 9 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Pope22(m): 1:02pm On Aug 03, 2016 |
Buhari making things harder since 1414BC 2 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by NwaNimo1(m): 1:02pm On Aug 03, 2016 |
Shocking.. |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by Nobody: 1:02pm On Aug 03, 2016 |
Tearg1: |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by shamecurls(m): 1:04pm On Aug 03, 2016 |
Tearg1: What statistics do you have to prove that the economy is dead? Or is it just your personal opinion? 2 Likes |
| Re: CBN Blocks Money Transfers Into The Country From Most Operators by blackpanda: 1:04pm On Aug 03, 2016 |
naijaking1: Wrong: its not money flowing in that CBN is worried about, but rather money flowing out. Its still d same worldremita that will pump out our scarce dollar to buy toothpicks 2 Likes |
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