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Nairaland Forum / Nairaland / General / Business / Nigeria’s CBN Has Blocked All Transfers Into The Country Except Via Western Unio (1632 Views)
Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. / CBN Blocks Money Transfers Into The Country From Most Operators / Know The States That Controls 90% Cash Transactions in Nigeria-cbn (2) (3) (4)
Nigeria’s CBN Has Blocked All Transfers Into The Country Except Via Western Unio by cocolacec(m): 4:06pm On Aug 05, 2016 |
CBN Has Blocked All Transfers Into The Country Except Via Western Union, MoneyGram & Ria BY OSARUMEN OSAMUYI NEWSAUGUST 3, 2016 Nigeria’s Central Bank (CBN) recently passed a regulation that blocks almost all money transfer operators (MTOS) from making transfers into the country. “Almost all” because as of now, only three MTOs – Western Union, MoneyGram and Ria – are authorised to make transfers. At least those are the ones that have a net asset value of US$1 billion and have been operational for at least 10 years. If you were using some other service (say, WorldRemit for instance), you’re definitely not going to like this. And you’re not alone; the other MTOs don’t like it either. WorldRemit released a statement yesterday calling for the CBN to rethink their stance. In the words of founder and CEO, Ismail Ahmed, ‘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. The funniest (or saddest, depending on how you want to look at it) thing about this whole mess is Nigeria receives more than $20bn in remittances annually from migrants around the world. This is basically a case of shooting yourself in the foot. http://techcabal.com/2016/08/03/worldremit-cbn-transfer-mto/ 1 Like |
Re: Nigeria’s CBN Has Blocked All Transfers Into The Country Except Via Western Unio by cocolacec(m): 4:13pm On Aug 05, 2016 |
Re: Nigeria’s CBN Has Blocked All Transfers Into The Country Except Via Western Unio by jerryunit48: 4:28pm On Aug 05, 2016 |
Bross that is crazy , been wondering why Azimo and the rest have suspended transfers to Nigeria |
Re: Nigeria’s CBN Has Blocked All Transfers Into The Country Except Via Western Unio by Pavore9: 4:44pm On Aug 05, 2016 |
It is any of the 3 or a dom account! |
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