Understanding CBN's Revised Guidelines On International Money Transfer Services In Nigeria

On January 31, 2024, the Central Bank of Nigeria (CBN) pursuant to its powers under section 2(d) of the Central Bank of Nigeria Act, 2007, and the Banks and Other Financial Institutions Act, 2020 issued a Revised Guideline on the Operation of International Money Transfer Services in Nigeria (the Revised Guideline) thereby replacing the 2014 CBN Guideline on the Operation of International Money Transfer Services in Nigeria.

The release of the Guideline is to provide guidance to International Money Transfer Operators (IMTOs) on financial remittances as spelt out by the CBN as well as guide them on the licensing requirements and means of seeking approval.

It is against this background that this piece aims to examine some salient provisions of the Guidelines.