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CBN Guidelines And Requirements For International Money Transfer Operators In Nigeria

by inlandtownadmin
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CBN sets $1m minimum capital for International Money Transfer Operators in Nigeria.

Dr. Hassan Mahmud officially released CBN’s updated guidelines for IMTOs on its website.

CBN’s recent directive aims to enhance Nigeria’s forex market and promote legal fund remittance.

Applicants must follow CBN rules on money laundering, terrorism financing, and proliferation financing of weapons of mass destruction.

IMTOs applying in Nigeria need to submit a N10 million non-refundable fee to the CBN Director via electronic transfer or bank draft.

“Approval to operate in other jurisdictions or agency agreements (for all IMTOs). Minimum share capital of $1million for foreign IMTOs and the equivalent for indigenous IMTOs.”

Compliance leads to Approval-In-Principle for opening a bank account and initiating pre-operational processes, as per the bank.

CBN emphasizes that an IMTO cannot use an APl to commence operations and may face withdrawal if it fails to meet the stated requirements.

For final approval, IMTOs must submit an application to CBN within three months of APl, including names of local agents and the agency agreement. Submission of a detailed business plan to the CBN, which includes the following: a. Nature of the business, Internal control systems and monitoring procedures, and more.”

IMTOs must pay an annual renewal fee of N10m or an amount specified by the bank by January 31st. IMTOs are expected to renew their licenses within the first quarter of every year.


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