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Beware of Unregistered Money Transfer Operators—CBN

Money Transfer Operators

Nigerians have been advised by the Central Bank of Nigeria (CBN) to be careful of unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria.

CBN said this warning became necessary due to activities of some unregistered IMTOs, whose modes of operation were detrimental to the Nigerian economy.

The apex financial institution in Nigeria stressed that all financial service 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.

It said for the avoidance of doubt, all licensed International Money Transfer Operators, in line with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in Naira to the beneficiaries while the foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users.

The CBN, in a statement issued by its Acting Director, Corporate Communications, Isaac Okorafor, said it won’t condone any attempt aimed at undermining the country’s foreign exchange regime.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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