Following an unanticipated change in regulations by the Central Bank of Nigeria, hundreds of international money transfer services have been blocked from operating in the local Nigerian market. All except for Western Union, MoneyGram and Ria.
rldRemit, 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 …read more