Following recent illegal money transfer practices, where Nigerians are lured into transferring funds through illegal money transfer operators, the Central Bank of Nigeria (CBN) warned Nigerians in the Diaspora against patronizing these operators as it would be to their own peril. These illegal operators lure their victims by using Naira accounts opened in local commercial banks with ridiculous rates. They use these accounts for legal businesses and pay out the proceeds to the beneficiaries while channeling the foreign currencies to fund the parallel market.
This practice made it difficult for such transactions to be reported to the appropriate authority thus undermining effective surveillance of the banking sector, resulting in discrepancies in statistics on the transactions between countries of origin of remittance and Nigeria. The CBN announced the names of licensed operators authorised to handle remittances of money to Nigeria on behalf of Nigerians in the Diaspora.
• Aftab Currency Exchange Limited.
• AWS Malta Limited.
• Caperemit UK Limited.
• Cashpot Limited.
• Centrexcard Limited
• Colony Capital Limited.
• CP Express Limited.
• Daytona Capital Management Limited.
• DT&T Corporation Limited,
• eTransact Limited.
• Fiem Group LLC. DBA Ping Express.
• First Apple INC.
• First Transfer INC.
• Foren Money Limited.
• Funtech Global Communications Limited.
• GDM Transfer Pty Limited.
• Homesend S.C.R.L
• IDT Payment Services INC.
• MoneygramNouveau Mobile Limited
• Pagatech Limited, Refitok International Limited.
• Ria Financial.
• Sanaa Capital LLC (Money4 Diaspora Services LLC).
• Small World Financial Services Group Limited.
• TCF Limited, Trans-Fast Remittance LLC.
• UAE Exchange Centre LLC.
• Venture Garden Nigeria.
• Vtnetwork Limited.
• Wari Limited.
• Weblink International Limited.
• Western Union.
• Wi-Pay Global LLC and Worldremit Limited.