INTERNATIONAL MONEY TRANSFER IN NIGERIA

For operators who desire to be involved in international money transfer business in author is Nigeria, there is room for registration in spite of recent alert on unregistered ones by the Central Bank.

The bank had warned banks and the public to beware of unregistered international money transfer operators because of the risk involved and potential to do harm to even the Nigerian economy.

This affected some operators who had hitherto transferred money through banks to recipients in Nigeria without being duly licensed by the Central Bank of Nigeria (CBN).

In a press release this week the CBN assured that operators are still free to apply for license to engage in international money transfer business in Nigeria. All they need to do is follow guidelines issued since 2014 and available on its website.

Among the conditions stated in the guidelines are that there must formal board resolution approving it, and applications must be accompanied with memorandum and articles of association, copy of certificate of incorporation, shareholding structure, profiles of board and top management  and draft agreement with participating parties, amongst others.

The guidelines are indeed very comprehensive and deal with requirements like for oversea partnership, transfer limits, split transactions, permissible and nonpermissible activities and reports and periodic returns amongst.

Also covered are minimum security standards especially to do with privacy, physical security, password security and other related requirements.

Above all, to be considered for operating license the applicant must show proof of presence in at least. 7 countries; pay a nonrefundable N500,000 application fee and must have minimum of N2m capital base.

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