The Central Bank of Nigeria, CBN, has set $1 million as the minimum share capital for International Money Transfer Operators (IMTOs) in the country, as outlined in its revised guidelines to enhance the foreign exchange market and promote legal fund remittance. Read full article
Applicants must adhere to anti-money laundering and terrorism financing regulations, submit necessary documents, and pay a non-refundable application fee of N10 million.
Successful applicants receive Approval-In-Principle (AIP), allowing them to proceed with pre-operational processes, but final approval is contingent on meeting specified criteria, including providing details of local agents and a business plan. IMTOs are required to pay an annual renewal fee.