The Central Bank of Nigeria, CBN, has refuted claims that it has stopped the licensing of Interested International Money Transfer Operators, IMTOs, in the country, stressing that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria.
In a statement issued by its acting Director of Corporate Communications, Isaac Okorafor, the bank observed that this claim is being made by some individuals in spite of its transparency in the licensing of the operators in Nigeria.
The statement continued: “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 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.”

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