• Sunday, February 25, 2024
businessday logo

BusinessDay

Fintechs stop dollar transfers to Nigeria

Carbon acquires fintech firm to empower SMEs

Fintechs operating in the International Money Transfer space have begun to stop dollar transfers to Nigeria following a Central Bank of Nigeria directive.

In a document titled, ‘Guidelines on International Money Transfer Services in Nigeria,’ dated January, 31 2024, the apex bank declared that all in-bound money transfers, through International Money Operators, to Nigeria should be paid to beneficiaries in naira through a bank account, or cash using the prevailing exchange rate in the Nigerian Foreign Exchange Market.

Read also: 5 fintech apps Nigerians are using to save in dollars

In compliance with this directive, World Remit and Sendwave have sent messages to notify their customers that they won’t be supporting dollar transfers to Nigeria again.

In an email to customers, Sendwave said, “In compliance with a recent directive from the Central Bank of Nigeria (CBN), we’re sorry to tell you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria.”