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CBN directs payment processors, switches to stop transfer of remittances in local currency
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The Central Bank of Nigeria (CBN) has directed payment switching and processing companies to stop local currency transfer of diaspora remittances received through International Money Transfer Operators (IMTOs).
The apex bank also directed Mobile Money Operators (MMO) to disable wallets from receipt of funds from IMTOs.
The directives according to the CBN were to ensure compliance with its recent policy which allows beneficiaries of diaspora remittances to receive the proceeds in foreign currency.
The CBN gave these directives in a circular to International Money Transfer Operators (IMTOs) and Payment Service Providers (PSPs), titled, “Receipt of Diaspora Remittances: Additional Operational Guidelines”.
The Central Bank of Nigeria (CBN) has approved new license categorisations for payments systems across the country. A circular signed by Mr Musa Jimoh,
Nigeria: CBN Releases Categorisation for Payment System allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
The Central Bank of Nigeria (CBN) has approved a new license categorization system for the Nigerian Payment System.
The apex bank made this known in a press release published on its website and dated 9th December 2020.
According to the CBN, the license categorization is meant to help promote a strong and credible payment system and offers
“clarity for new and existing market participants, given the significant evolution and innovation in the Nigerian payments system.”
The central bank appears to be updating its regulations amidst the new wave of FinTechs in the country offering varying but often nuanced services.
According to the new guidelines, Payment Systems are now to operate within 4 broad categories.
CBN releases categorisation for payment system | Premium Times Nigeria premiumtimesng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumtimesng.com Daily Mail and Mail on Sunday newspapers.