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Central Bank Of Nigeria Implements Strict Measures: Bans Banks And Fintechs From International Money Transfers
Central Bank Of Nigeria Implements Strict Measures: Bans Banks And Fintechs From International Money Transfers....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has recently implemented stringent measures by prohibiting both traditional banks and financial technology companies (fintechs) from engaging in international money transfer services. The revised guidelines for the operations of International Money Transfer Operators (IMTOs), officially unveiled on January 31, 2024, highlight this significant development……….CONTINUE READING
As per the updated regulations, banks are no longer allowed to directly offer International Money Transfer services but may still function as agents in the process. Additionally, Financial Technology Companies are explicitly restricted from obtaining approval for IMTO services, signifying a notable extension of the previous restrictions.
The guidelines further emphasize that the provisions outlined in the Banks and Other Financial Institutions Act (BOFIA) of 2020, which impose limitations on the employment of specific individuals within banks, will now apply to IMTOs. This includes individuals occupying management positions, shareholders, and officers of a bank.
This directive represents a considerable expansion of previous regulatory frameworks. Unlike the 2014 guidelines, which solely restricted deposit money banks from providing international money transfer services, the revised rules encompass fintech companies, aligning with the Central Bank’s commitment to tightening regulatory oversight. The overarching goal is to ensure strict compliance with banking regulations, ultimately reflecting the CBN’s dedication to upholding stability and integrity within the nation’s financial system.
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Source: Bushradiogist
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