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Nigeria licenses 11 new international money transfer operators

The Central Bank of Nigeria (CBN) has licensed 11 new International Money Transfer Operators (IMTOs). The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN in early August. The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink …

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MoneyGram renews commitment to Nigeria

Sequel to the decision of the Central Bank of Nigeria (CBN) allowing only three companies to offer money transfer services to the country, MoneyGram International, Inc. has announced a renewed commitment to its operations in Nigeria. The CBN decision, announced on 2 August, named Western Union, MoneyGram and Ria as the only officially licensed providers of remittance services to Nigeria. …

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Nigeria revokes the licenses of all but three money transfer companies

The Central Bank of Nigeria (CBN) has announced that only three companies are henceforth allowed to offer money transfer services to Nigeria. The three operators are Western Union, MoneyGram and Ria. The decision was backed by a warning, issued on Tuesday, 2 August, which advises Nigerians at home and abroad to “beware of the unwholesome activities of some unlicensed International …

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MoneyGram opens new office in Frankfurt, expands operations in Germany

As part of the massive expansion of its operations in Germany, the global CEO of the worldwide operating money transfer provider MoneyGram, Alex Holmes, was in Frankfurt recently to open the company’s new head office in Germany. The occasion provided opportunity to talk about money transfer in a time of refugee crisis and the social responsibility of operators in the …

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Special Report: Money Transfer to Africa

Remittance business undergoes silent revolution Before Western Union started offering money transfer services to Africa in 1995, the first company to do so, it used to take weeks if not months to find somebody travelling home to take the envelope along. And the brave ones among us who hid money in mails were often unlucky after post office workers in …

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