CBN Wants More International Money Transfer Operators


In reaction to media reports that the Central Bank of Nigeria has stopped licensing money transfer operators, IMTOs, the CBN said it is a fallacy.

In a statement released by the CBN through Isaac Okoroafor, the apex bank said: “The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria”.

As for companies interested in getting licenses, the CBN said “applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria.

“The aforementioned guidelines can be downloaded from the website of the Central Bank of Nigeria (CBN) The Central Bank of Nigeria remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasize that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO.” he said

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