IMTC to focus on black market money transfers

The upcoming International Money Transfer and Payment Conference which is holding on November 8 – 11 in the United States is going to focus on the issue of tackling and mitigating the impact of the black market in global money transfer.

“The issue of black market has been, for a long time now, this unresolved issue that has been affecting many economies around the world, especially those of developing countries such as African countries, due to its widespread effects,” a statement by the organisers says.

Many of the leading remittance companies involved in the programme including Western Union, MoneyGram and Transfast, they will are looking forward to putting their minds together and coming up with long-lasting solutions to ensure that the black markets do not continue to hurt economies around the world as it was the case in Nigeria a few months ago. The CEO of Ping Express, Anslem Oshionebo will be on the Nigeria panel with Joe Tumbarello.

In August this year, the Central Bank of Nigeria temporarily suspended licences of various leading remittance companies, leaving the entire Nigerian population, back at home and in the diaspora, to use three principal U.S. Money Transfer Operators. This move created worries, confusion and uproar from various quarters, something that may have contributed to the CBN to lifting the ban.