The Central Bank of Nigeria (CBN) has announced that at no time it stopped the licensing of International Money Transfer Operators (IMTOs) in Nigeria.
Reacting to rumour making the rounds that the apex bank has stopped the IMTOs, the acting Director of Corporate Communications, Isaac Okorafor said that the licensing has been ongoing with a great deal of transparency.
In a statement, Okorafor stressed that the CBN had not foreclosed the licensing of interested players in the IMTO space in Nigeria, even as he asked interested applicants to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN.
He said that the applications would be treated in accordance 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) www.cbn.gov.ng
“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.” [myad]
