The central bank will no longer allow banks to carry out international money transfer operations. The bank also increased the application fees for International Money Transfer Operator (IMTO) approval to N10 million. The rules are a revision of earlier guidelines released in 2014. The new rules also set a minimum operating capital of $1 million for foreign IMTOs and its naira equivalent for their indigenous counterparts. Nigeria’s apex financial regulator had previously granted international money transfer licences to fintech companies including Flutterwave, LemFi, PagaTech, VFD, and Interswitch among others. The revised guidelines didn’t state whether the existing licences would be revoked.
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