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Nigeria tightens regulations on money transfer operators

Central bank's move will leave only three companies in major remittance market, analyst says

naira-nigeria

Nigeria's central bank appears to have reduced the number of money-transfer operators (MTOs) licensed to work in the country. Multiple sources suggest only three firms remain authorised to handle the country's significant remittance sector.

The Central Bank of Nigeria (CBN) issued a statement on August 2 warning Nigerians against using unlicensed international money-transfer operators, but did not comment directly on whether it was restricting licences. Instead it says that since July 22, all

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