Central
Bank of Nigeria, CBN, has prohibited Deposit Money Banks from acting as
International Money Transfer Service operators. This was contained in new
guidelines of CBN on international Money transfer services in Nigeria, signed
by Director, Trade and Exchange Department, O. I. Gbadamosi posted at the CBN
website weekend.
The statement also advised Authorised Dealers and members of the General public to operate within the ambit of the new guidelines. “In line with the new policy direction of the Bank, Management has approved the review of the existing guidelines on international Money Transfer Services to accommodate both inbound and outbound Services”, according to Gbadamosi.
It however, said that Banks can act as agents except with the express approval of the CBN. The new guidelines also stated that the provisions of the Banks and other Financial Institution Act, BOFIA on the prohibition of employment of certain persons in banks shall apply to International Money Transfer Services operators.
It further stated that in line with the BOFIA, all the conditions stipulating the exclusion of certain individuals from the management of banks shall apply to the management of International Money Transfer Services providers. According to the provision of section 48 {2} BOFIA share holders and officers of company shall be disqualified from undertaking International Money Transfer operations.
The new guideline which stipulates the permissible activities of international Money Transfer Operators said that, the operations shall include allowable inbound and out- bound international transfer transactions.
However, the
transactions shall be limited to the following activities: the acceptance of
monies for the purpose of transmitting them to a person resident in Nigeria or
another country and cross-border, personal money transfer services such as,
money transfer services towards family maintenance; money transfer services in
favour of foreign tourists visiting Nigeria etc.
CBN also said that in order to safeguard against corporate customers that may structure their transitions into smaller amounts to circumvent the statutory reporting threshold, the money transfer services shall target individual customers mainly and transactions shall be on “person to person transfer” in other words retail customer basis only.
CBN also said that in order to safeguard against corporate customers that may structure their transitions into smaller amounts to circumvent the statutory reporting threshold, the money transfer services shall target individual customers mainly and transactions shall be on “person to person transfer” in other words retail customer basis only.
On the limits per out-bound transfer, the apex bank said that the allowable out-bound money transfer per transaction shall not exceed US$2, 000 or its equivalent, subject to periodic review by CBN. While all in-bound money transfers to Nigeria shall be disbursed to beneficiaries who operate a bank account, mobile money wallets with the agent or through ATM.
And the allowable cash withdrawal shall not exceed US$500 paid through an account. Where the beneficiary does not have a bank account or mobile money wallet, payments shall only be made upon the provision of a statutory/an acceptable means of identification such as; international Passport, Driver’s license, National Identification Card, INEC Permanent Voters card and Bank’s Verification Number.
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