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ARTICLE · 05 SEPTEMBER 2023

Recent Changes In The Payout Options For Diaspora Remittances

Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
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Udo Udoma & Belo-Osagie

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The Central Bank of Nigeria (the "CBN") regulates the operation of International Money Transfer Operators ("IMTOs") in Nigeria.

NigeriaFinance and Banking
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
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The Central Bank of Nigeria (the "CBN") regulates the operation of International Money Transfer Operators ("IMTOs") in Nigeria. This is pursuant to the Bank and Other Financial Institutions Act 2020, the Central Bank of Nigeria Act 2007, the Guidelines for the Operation of International Money Transfer Services in Nigeria 2017 (as amended), and various other circulars issued by the CBN from time to time. All IMTOs providing remittance services to Nigeria are required to obtain the approval of the CBN. As at July 2023, the CBN has a list of 62 approved IMTOs permitted to remit funds to Nigeria. On this basis, the CBN determines the rules and regulations applicable to approved IMTOs operating in Nigeria. In this update, we will discuss the payout options available to beneficiaries of diaspora remittances in Nigeria.

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