Tag: International_Money_Transfer_Services
CBN Bans Banks, Fintechs from International Money Transfer Services, Jerks Up Application Fee by 1,900%
The Central Bank of Nigeria (CBN) has issued a prohibition on banks and financial technology companies (fintechs) offering international money transfer services. This notice is outlined in the updated guidelines for the operations of International Money Transfer Operators (IMTOs), which were formally published on January 31, 2024. The document read: “All banks are prohibited from operating…