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Okejimi: Nigeria s Remittance Business Undergoing Transformation

As the activities of digital money transfers operators is expected to grow in the country in line with the CBN’s Naira 4 Dollar Scheme, the Country Manager, Nigeria, and Ghana of WorldRemit, Gbenga Okejimi, in this interview speaks about how his organisation is protecting clients and ensuring safety of their funds. Oluchi Chibuzor brings the excerpts Banks in Nigeria are now mandated to open USD bank accounts for those receiving international money transfers. What is your take on this CBN policy? It’s a step in the right direction. By way of context, digital International Money Transfer Operators (IMTOs) like WorldRemit are known to encourage financial inclusion by driving volumes to banks and mobile money accounts. This prevents the risks associated with travelling long hours to city centres to cash funds sent via IMTOs. With the discontinuation of naira payouts and the introduction of only dollar payments, most Nigerians who do not have dollar accounts were left with no

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