The International Money Transfer Operator (IMTO) inflow rose by 63.7% in the nine-month ended September 2024, according to the Central Bank of Nigeria (CBN)
The remittance inflows grew to $3.82 billion compared to $2.33 billion recorded in the same period of 2023.
The increase in flows was a direct result of a series of changes implemented by CBN Governor Olayemi Cardoso upon resuming office in September 2023 to stimulate growth.
The latest quarterly bulletin released by the apex bank showed consistent increases in all nine months with inflows climbing by 32.4% to $390.86 million from $295.21 million recorded in January 2023.
In February, inflows rose even higher by 67.4% to $326.91 million, compared to $195.23 million recorded in the same month in 2023.
March, April, May, June, July, August and September recorded 30%, 83.3%, 45.3%, 40.2, 130%, 115.8% and 40.9 % increases to $363.76 million, $466.11 million, $404.75 million, $552.94 million, $585.21 million and $336.61 million, respectively.
Governor Cardoso’s administration introduced several reforms aimed at fostering competition among IMTOs, improving transparency in foreign exchange transactions, and engaging with the Nigerian diaspora.
Key among these changes was a revision of operational guidelines for IMTOs, including an increase in the application fee for IMTO licenses from N500,000 in 2014 to N10 million in 2024.
The CBN also set a minimum operating capital requirement of $1 million for both foreign and local IMTOs and established a Collaborative Task Force to double remittance inflows.
“The task force, which reports directly to Governor Cardoso, has fostered competition, improved transparency, and streamlined operational processes,” the CBN stated.
By onboarding new IMTOs and introducing measures to boost the supply of foreign currency, the apex bank has strengthened Nigeria’s remittance ecosystem, cushioned external reserves and economic productivity.
