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The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs) from international money transfer services. The apex bank announced the new development in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024. According to the document published on its website, Nigeria's bankers bank excluded individuals from the management of banks, shareholders, and officers of a bank. ....
CBN increases ITMO application fee to N10m, bans banks, fintechs from offering services vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
The Central Bank of Nigeria, CBN, has issued fresh guidelines for International Money Transfer Operators in Nigeria amid the foreign exchange crisis. The ....
The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million ....
By reining banks and fintechs from international money transfer services, the CBN is strategically manoeuvring to fortify the currency and stabilise the forex market. This bold step reflects the CBN’s unwavering commitment to safeguarding the financial system and ensuring economic stability in Nigeria. However, it may add more complexity to remittance payments into the country. ....