Tag: international money transfers

‘All International Money Transfers Must Be Paid in Naira’ – CBN

Hetty

A new message by banks to their customers by banks has directed that Naira will now serve as the currency for international transfers facilitated by international money transfer operators (IMTOs). This is in line with the recent directives from the Central Bank of Nigeria, CBN. A recent notice from Ecobank Nigeria said several IMTOs including […]

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Forex: CBN Orders 4 Popular Fintec Companies to Desist from Onboarding New Customers

CBN Bans Banks, Fintechs from Carrying out International Money Transfers

Hetty

The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs)across the country, from offering international money transfer services. The ban is contained in the revised guidelines for the operations of International Money Transfer Operators (IMTOs), officially released on January 31, 2024. The document states that aall banks are now prohibited from […]

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