The decision to revoke the licenses of all but three money transfer companies was backed by a warning, issued on Tuesday , that advises Nigerians at home and abroadto "beware of the unwholesome activities of some unlicensed International Money Transfer Operators." No explanationAhmed said while Western Union used to control 78% of the transfers to Nigeria, now it controls less than 20%. (CNN) The Central Bank of Nigeria has suddenly changed its policy toward money transfer operators, effectively blocking many services used by Nigerians to send money to and from the country. Ahmed, whose company says it sends 40,000 money transfers to Nigeria each month and handles about $20 billion a year in remittances for various countries including Nigeria, also laments the lack of clarity surrounding the change. WorldRemit is an online money transfer service that launched in 2011 and one of the companies affected by the edict.

Source: CNN August 03, 2016 19:52 UTC