Business
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THE Central Bank of Nigeria, CBN, is still issuing licenses to interested international money transfer operators, IMTOs. A statement signed by Isaac Okorafor, acting director Corporate Communications, said the apex bank noticed that, in spite of its transparency in the licensing of International Money Transfer Operators in Nigeria, some persons have continued to allege that the Bank has stopped the licensing of interested IMTOs in the country.
This is why the CBN unequivocally stated that “it has not foreclosed the licensing of interested players in the IMTO space in Nigeria”.
It said that “interested 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 guidelines can be downloaded from the website of the 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 emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO,” the statement said.
— Aug 22, 2016 @ 01:00 GMT
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