In March 2021, the Central Bank of Nigeria (CBN) released the list of 47 International Money Transfer Operators (IMTOs) approved to receive remittances from Diaspora Nigerians. The approved money transfer services to Nigeria are from the US, UK, Morocco, Belgium, Senegal and Nigeria. The CBN issued a directive on remittances in 2020 that require money …
Moroccans in the diaspora sent home 67.99 billion Moroccan dirham ($7.54 billion) in 2020, according to Foreign Exchange Office. The number of Moroccans living in the diaspora is estimated to be over 5 million. The majority of Moroccans abroad live in France, Spain, Italy, Belgium and others in the US, Latin America, the Arab World …
Read moreMoroccans in Diaspora Sent Home Over $7 Billion in 2020
Small World and Ecobank have entered into a partnership to provide fast, convenient and affordable remittance services to Africans in the diaspora. Small World is a global money transfer service that allows Africans in the diaspora to make fast and low-cost transfers to individuals and businesses in over 40 African countries from Europe, Brazil and …
Read moreSmall World Enters Into Remittance Partnership With Ecobank
Ecobank in Nigeria has launched a new money transfer service by email, SMS and WhatsApp via Ecobank app. This opportunity could not have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19. We have the responsibility as a bank to continue to innovate for the benefits …
Read moreEcobank Introduces Money Transfer Through WhatsApp, Email and SMS
Tranglo, a global money transfer service, has entered the Sub Saharan Africa market. It has launched services in 3 new money transfer corridors in Nigeria, Ghana, and Uganda. Tranglo supports international remittance, airtime top-ups, and business payments. Founded in 2008 in Malaysia, Tranglo makes international transfers faster, cheaper and secure. Transfers to the three countries …
Read moreTranglo Introduces Money Transfer to Nigeria, Ghana, and Uganda
The British money transfer service Taptap Send has launched its services to Kenya. Kenyans in Europe can now send money for free to M-Pesa mobile wallets and bank accounts in Kenya. Taptap Send earns a small amount on the difference in the exchange rate we receive from partners and the exchange rate customers receive on …
Read moreTaptap Send Launches Free Money Transfer Service to Kenya
The Central Bank of Nigeria (CBN) released a circular on February 5, 2020 ordering banks and other financial institutions to stop facilitating transactions for cryptocurrency exchanges in Nigeria. The circular also orders banks to close the accounts of any persons or entities found making any cryptocurrency transaction or operating a cryptocurrency exchange. Failure to comply …
Read moreNigerian Banks Ordered to Close Cryptocurrency Accounts
Despite the coronavirus pandemic, Kenya remittance inflows increased to US$3,094 million in 2020 from US$2,796 million in 2019, which was an increase of 10.7 percent. This is contained in a press release from the Central Bank of Kenya (CBK). The World Bank predicted that remittance flows to low and middle-income countries will fall by 7 …
Read moreKenyans in Diaspora Send Over $300M Despite Coronavirus Pandemic
Azimo, the British money transfer company, has stopped money transfer services to naira bank accounts and cash pickup in Nigeria. Up until recently, Azimo was one of the popular money transfer services to Nigeria. A notice on the company’s website says: Why can’t I transfer to a Naira bank account? Central Bank of Nigeria rules …
Read moreAzimo Stops Money Transfer to Naira Bank Accounts and Cash Pickup
Electroneum is a UK-based cryptocurrency app that offers non-monetary remittances to Africa. The remittances are in form of electricity bill, airtime, and data top ups for loved ones in 10 African countries. Electricity and mobile top-ups are considered daily essentials. The app uses blockchain and ETN, a cryptocurrency designed for smartphone users. African countries that …
Read moreElectroneum: Crypto-Powered Non-Monetary Remittances to Africa
Mobile money is no longer one of the receiving methods for international money transfers to Nigeria. This follows a Central Bank of Nigeria (CBN) directive that suspends Mobile Money Operators from receiving remittances from international money transfer services. Mobile money services play a significant role in financial inclusion in Nigeria. There are over 60 million …
Read moreNigeria Suspends International Money Transfers to Mobile Wallets
The UK international money transfer company, Transferwise, has stopped offering money transfer services to Nigeria. At least for now. The fintech has been one of the best options for Nigerians in the diaspora to send money back home because of its low transaction cost and speed. Why is Transferwise Not Sending Money to Nigeria? A …
Read moreYou Can No Longer Send Money to Nigeria Using Transferwise
A crackdown has been launched by five Nigerian retail banks and the Central Bank of Nigeria against two popular European money transfer services, Azimo and Transferwise. The banks have issued disclaimers against the two international transfer platforms, warning members of the public against using their services or do so at their own risk. Transferwise stopped …
Read moreNigerian Banks Disown Money Transfer Companies. Are They scared?
Co-operative Bank of Kenya and Thunes, a cross-border payment solution, have partnered to offer an alternative global money transfer solution, Co-op Remit. According to a press release on December 15, 2020 by the two financial institutions, Co-opRemit simplifies the process of real-time money transfers particularly within Africa. The service allows Co-op Bank customers in Kenya …
Read moreCo-opRemit – a New Global Money Transfer Solution in Kenya
Polaris Bank has started to make payments in US dollars to money transfer beneficiaries in Nigeria. The service is available to both account and non-account holders. Polaris Bank is one of the largest banks in Nigeria with over 300 branches throughout the country. The Central Bank of Nigeria (CBN) has issued a directive to allow …
Read morePolaris Bank Pays Out Money Transfers in US Dollars in Nigeria
