We never stopped licensing of Int’l Money Transfer Operators – CBN


CBN Governor Godwin Emefiele


The Central Bank of Nigeria (CBN) has said that the licensing of the International Money Transfer Operators (IMTOs) in Nigeria has not been put on hold as alleged.
A statement issued yesterday in Abuja, signed by the acting Director, Corporate Communications, Isaac Okorafor said the bank wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria.


“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.”
“The aforementioned guidelines can be downloaded from the website of the Central Bank of Nigeria (CBN) www.cbn.gov.ng <http://www.cbn.gov.ng>.”
The statement added that Central Bank of Nigeria remains committed to providing an enabling environment for international money transfer services. It is, however, important to emphasize that a prospective player shall first obtain the requisite licence to operate in the country as an IMTO.

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