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Nigeria: IBIC wants to help diaspora ‘get around’ naira transfer ban

By David Whitehouse
Posted on Monday, 28 June 2021 11:59

IBIC Investment Holdings CEO Yanju George
IBIC Investment Holdings CEO Yanju George. Photo supplied.

IBIC Investment Holdings aims to become the first Nigerian company to offer real-time money transfers from the diaspora back home in the fourth quarter of this year, CEO Yanju George tells The Africa Report.

The planned ‘PayLite’ app, built with help from developers in Belarus, will have a turnaround time of seconds, George says in Lagos. It will be a “disruptive solution which is different from traditional money-transfer platforms,” he says.

Nigeria’s central bank in 2020 halted diaspora transfers in naira as it seeks to encourage dollar remittances and stabilise the domestic currency. In March, Central Bank Governor Godwin Emefiele announced the introduction of an incentive of five naira for every $1 of remittance.