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Banking Sector

List of CBN Approved International Money Transfer Operators



Money Transfer - Investors King

The Central Bank of Nigeria on Monday March 22, 2021 released the names of the 47 approved International Money Transfer Operators (IMTOs).

Below are the 47 CBN approved International Money Transfer Operators

1 AFTAB CURRENCY EXCHANGE LIMITED Pall Mall Court, 61-67 King Street, Manchester, M2 4PD, United Kingdom

2 AZIMO LIMITED 173 Upper Street London, NI IRG United Kingdom
3 BELYFTED LIMITED 44 Whalebone Lane South Dagenham, Essex RMB 1BB, United Kingdom
4 CAPEREMIT UK LIMITED 47 Stanley Road Stevenage Hertfordshire SG2 OEE United Kingdom
5 CASHPOT LIMITED 157, Deptford High Street SE8 3NU, London United Kingdom
6 CENTREXCARD LIMITED Unit 46, Dartford Business Park (Basepoint) Victoria Road, Dartford DA1 5FS, Kent, UK
7 CHIME INC. 239 East 5th Street Suite 4B New York, NY 10003 United States
8 COLONY CAPITAL LIMITED Plot 5 Chief Yesefu Abiodun Way Oniru, Victoria Island Lagos
9 CP EXPRESS LIMITED 346 Barking Road London, E13 8HL
10 DT&T CORPORATION LIMITED 3 Harbour Exchange Square London E14 9GE
11 eTRANZACT LIMITED 4th & 5th Floors, Fortune Tower 27/29 Adeyemo Alakija Street Victoria Island Lagos
12 FIEM GROUP LLC DBA PING EXPRESS 1327, Empire Central Drive St. 110-6 Dallas Texas
13 FIRST APPLE INC. 6492 Landover Road Suite A1 Landover MD20785 Cheverly, USA
14 FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED 8 Providence Street, Lekki Phase 1 Lagos
15 FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED #15 Glover Road Ikoyi, Lagos
16 FUNDS & ELECTRONIC TRANSFER SOLUTION No. 15, Cameron Road, Ikoyi, Lagos
17 FUNTECH GLOBAL COMMUNICATIONS LIMITED Clarendon House 125 Shenley Road Borehamwood Heartshire WD6 1AG United Kingdom
18 GLOBAL CURRENCY TRAVEL & TOURS LIMITED 1280 Ashton Old Road Manchester, M11 1JJ United Kingdom
19 HOMESEND S.C.R.L Rue des Colonies 56, 6th Floor-B1000 Brussels Belgium
21 IMMUEUBLE WARI LIMITED 20 Rue Amadou Assane Ndoye 7 Etge BP 32 368 Dakar Dakar Senegal
22 INTERSWITCH LIMITED Plot 1648C Oko-Awo Close Victoria Island Lagos
23 MAKEBA INC. 85, Broad Street, 18th FI New York, NY 10004
24 MONEYGRAM Africa Re-Insurance Building 1679, Karimu Kotun Victoria Island, Lagos
25 NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED 24b Femi Okunnu Phase 2, Lekki Lagos State
27 NOUVEAU MOBILE LIMITED c/o 31B Oyeleke Street Alausa Ikeja, Lagos
28 PAGATECH LIMITED 176 Herbert Macaulay Way Yaba, Lagos
29 PAYCOM NIGERIA LIMITED Plot 8, Dr. Nurudeen Olowopopo Avenue Alausa, Lagos
30 PAYPAL INC. #2211 North First Street San Jose, CA95131 United States of America
31 REMIT HUB CAFÉ LIMITED 175 Chesterton Road Cambridge, CB4 1AF United Kingdom
32 REMITLY INC. 111 Third Avenue Suite 2100 Seattle, WA 98101 United States
33 RIA FINANCIAL 1 Allées Seydou Nourou TALL POINT E Dakar – Senegal
34 SHIFT FINANCIAL SERVICES LIMITED No.1 Goba Close (Suite 3), Off Monrovia Street Off Aminu Kano Crescent Wuse 2, Abuja
35 SIMPLIFY INTERNATIONAL SYNERGY LIMITED No. 18, A-Close, 14 Road Gwarimpa, Abuja

36 SMALL WORLD FINANCIAL SERVICES GROUP LIMITED Antonio Inesta Units 3&4 Sycamore Court Royal Oak Yard 168-170 Bermondsey Street
SE1 3TQ, London
37 TCF LIMITED 2A Osborne Road Pees Galleria, Suite 4 Ikoyi, Lagos
38 TRANS-FAST REMITTANCE LLC 44 Wall Street, Suit 400 New York, NY10005 USA
40 VENTURE GARDEN NIGERIA Plot E, Ziatech Road Oregun, Ikeja Lagos
41 VOLOPA FINANCIAL SERVICES (SCOTLAND) LIMITED Maclay Murray & Spens LLP 1 George Square, Glasgow, G2 1AL
42 VTNETWORK LIMITED No.5 Beckley Street, Off Adeyi Avenue Old Bodija, Ibadan Oyo State
43 WEBLINK INTERNATIONAL LIMITED The Enterprise Centre (Unit 1) Hastings Road, Bromley Kent BR2 8NA, London
th Floor, Shore 13 1100 Boulevard Al Qods-Quartier Sidi Maarouf 20270 CasablancaMorocco
45 WORLDREMIT LIMITED 2nd Floor, 62 Buckingham Gate London SW1E 6AJ
46 XPRESS MONEY SERVICES LIMITED Office #426, 1 Olympic Way Wembley HA9 ONP London, UK

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Banking Sector

Access Bank, Others Collect N154 Billion in Electronic Banking Fees in H1’23, a 16.7% YoY Surge



Global Banking - Investors King

In the first half of 2023, customers of Nigeria’s top nine commercial banks paid a whopping N154 billion in fees for utilizing electronic banking services, reflecting a robust 16.7% year-on-year increase compared to H1’22’s N131.97 billion.

The data, extracted from the financial statements of these banks, underscores the escalating trend of Nigerians embracing electronic payment channels.

Leading the pack in revenue generation from these fees is Access Bank, amassing N43.9 billion, followed by United Bank for Africa Plc (N51.07 billion), Zenith Bank (N22.27 billion), Guaranty Trust Bank (N21.2 billion), and others like Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion), and Wema Bank (N3.13 billion).

Electronic banking services encompass a gamut of options, including internet banking, mobile banking, ATMs, and Point of Sale (PoS) systems.

Recent data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 indicates a substantial surge in electronic transactions.

Transaction volume increased by 209% YoY to 4.7 billion, and transaction value grew by 48% YoY to N137.52 trillion.

The nine banks collectively raked in N66.7 billion in account maintenance fees and commissions during H1’23, reflecting a 14.7% YoY rise.

Zenith Bank led this category with N21.02 billion, trailed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (N9.6 billion).

Overall, the banks’ cumulative net fees and commission income registered a substantial 20.7% YoY growth, reaching N448.47 billion in H1’23 from N371.43 billion in H1’22.

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Banking Sector

Access Holdings Posts 52.6% Profit for the First Half of the Year

Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23



Access bank

Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.

The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.

These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.

The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.

Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.

The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.

These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”

He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

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Banking Sector

Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting



Central Bank of Nigeria - Investors King

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.

Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.

In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.

President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.

The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.

The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.

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