CBN Approves 47 International Money Transfer Operators
In furtherance of Central Bank of Nigeria, CBN, efforts to liberalise the Foreign market, ensure liquidity and make foreign exchange more available to low end users, the apex bank has released a list of 47 companies approved for international money Transfer operations in Nigeria.
The approval is in line with section 2 (d) of the central Bank of Nigeria Act, 2007 and section 57 of the banks and other financial financial institutions Act (BOFIA) 2004 which conferred on the CBN to provide guidelines for regulations of international money transfer in the country.
With the enabling law, CBN provides the Money Transfer Operators the Guidelines for the Operation, tagged guideline for International Money Transfer Services in Nigeria, 2014 (IMTO Guidelines)
The guidelines allow IMTOs to accept monies for the purpose of transmitting to persons resident in Nigeria or another country. They may also carry out cross-border transfer services for personal purposes such as money transfer services towards family maintenance and money transfer services for foreign tourists visiting Nigeria.
However, IMTOs are not permitted to accept deposits or carry out money lending services (as there are separate licensing requirements for these services). They may also not buy foreign exchange from the domestic foreign exchange market for settlement purposes.
The guidelines require that local companies must have a minimum share capital of ₦2 billion and submit relevant documents such as their incorporation documents.
The document requirement by the bank also a provision of a “nonrefundable application fee of five hundred thousand Naira or such other amount as that the bank may specify from time to time,payable to the central bank of Nigeria by electronic transfer”
List of Approved IMTOs
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