Thursday, 4 August 2016

CBN Blocks Some Money Transfer Operators From Transfering Money To Nigeria

Updated 4 August, 2016

In curious circumstances, Nigeria’s Central Bank of Nigeria has blocked money transfer operators from making transfers to Nigeria. The CBN through a new policy has excluded a number of operators by insisting that a handful of agents from transferring money to Nigeria by setting minimum requirements for companies offering international Mobile Money transfer services to Nigeria.
The guidelines specify that any company offering Mobile Money transfers must have minimum net assets of $1bn and must have been operating for more than 10 years.
The biggest Money transfer operator it has chosen to block is WorldRemit, a leading operator in Mobile money transfers.
The Central Bank had earlier said in a statement warning the public against unlicensed money operators; “All financial services providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions. “For the avoidance of doubt, all licensed International Money Transfer Operators, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in naira to the beneficiaries. “The foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users. “The Central Bank of Nigeria will therefore not condone any attempt aimed at undermining the country’s foreign exchange regime.”

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