CBN: Nigeria has not suspended licensing of International Money Transfer Operators
The Central Bank of Nigeria (CBN) has disputed an allegation that licensing of International Money Transfer Operators (IMTOs) has been suspended in Nigeria.
A statement issued by the apex bank said it has not foreclosed the licensing of interested players in the IMTO space in Nigeria.
CBN says in spite of its transparency in the licensing of IMTOs, some persons have continued to allege that the apex bank has stopped the licensing of interested IMTOs in the country.
“Therefore, 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 apex bank said in the statement.
“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 license to operate in Nigeria as an IMTO,” according to CBN, which said that the guidelines for the application can be downloaded from its website www.cbn.gov.ng.