Following the decision of the Central Bank of Nigeria (CBN) to restore the licenses of International Money Transfer Operators (IMTO), WorldRemit has commended the apex body for this initiative.

Sometime in August 2016, hundreds of IMTOs had their operations suspended in Nigeria, leaving the Nigerian diaspora to rely on Western Union, MoneyGram and Ria.

With this new development, WorldRemit and other IMTOs have now been officially re-issued licenses to operate their digital money transfer services.

WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts. The service provided the Nigerian diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy. About $35billion is reported to be the annual inflow of diaspora funds into Nigeria. 50% of these remittances go through unregulated and informal channels.

Source: http://allaboutbytes..com.ng/2016/09/worldremit-lauds-nigerian-government-on.html