NEWS

CBN removes exclusivity agreement with Money Transfer Organisations

 

The Central Bank of Nigeria (CBN) has removed the exclusivity agreements which Money Transfer Organisations (MTOs) signed with Nigerian banks.

 

In addition, the apex bank said it will continue to do all that’s needful to ensure that the charges are effectively moderated.

The CBN Governor, Sanusi Lamido Sanusi, who stated this when he addressed Students for the Advancement of Global Entrepreneurship in Abuja, said the apex bank was “working towards eliminating rigidities accountable for high remittance charges having established that over 15 per cent of diaspora remittances is for educational purposes of the youths, while 12 per cent supports new businesses in which youths are engaged as either owners or employees.”

Represented by the Director, Development Finance of the CBN, Paul Eluhaiwe, Sanusi, said the bank is now in the process of formulating guidelines to improve remittance services delivery environment in Nigeria, adding that an integral part of the bank’s financial inclusion strategy, “is the establishment of Entrepreneurial Development Centres (EDCs) across the country.”

He said this is a critical component since it has been established that “poor income is a key contributory factor to financial exclusion in Nigeria.”

He said the EDC initiative will provide empowerment opportunities for the youth to encourage their entrepreneurial endeavors and promote job creation through the activities of youths in business.

He said through the EDCs, the apex bank has counseled over 100,000 entrepreneurs, trained over 41,000 and facilitated access-to-finance for more than 1,000, thereby keeping their visions of owning thriving enterprises alive.

For the women and mothers of the youths, Sanusi said the CBN, “has set a target of ensuring that financial exclusion among women is reduced from 54 per cent to 20 per cent by 2020,” because for a society to grow, women who typically constitute half the population must be elevated and provided with equal opportunities.

Monday Ashibogwu

Monday Michaels Ashibogwu is Editor-In-Chief of QUICK NEWS AFRICA, one of Nigeria's leading online news service.

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