CBN invites applications from interested International Money Transfer Operators, says licensing on-going

Posted by News Express | 12 August 2016 | 2,868 times

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The Central Bank of Nigeria (CBN) restated the transparency in the licensing of International Money Transfer Operators (IMTOs) in the country, dismissing the allegation in some quarters that the bank has stopped the licensing of interested IMTOs.

“The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria,” the apex bank said Thursday night via a statement signed by Isaac Okorafor, the Acting Director, Corporate Communications.

“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 statement said.

It added: “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 emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO.”

Source: News Express

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