The revised guidelines for the operation of IMTOs, officially released via the CBN’s website and signed by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department has established $1 million as the minimum share capital requirement for International Money Transfer Operators (IMTOs) operating in the country.
This latest directive aims to enhance the foreign exchange market in Nigeria and promote fund remittance through legal channels. IMTO applicants must adhere to the CBN’s regulations on anti-money laundering, combating the financing of terrorism, and countering proliferation financing of weapons of mass destruction.
To apply for operation in Nigeria, IMTOs must submit various documents, including a non-refundable application fee of N10,000,000.00 (Ten Million Naira only) payable to the CBN. Upon meeting the initial requirements, successful applicants will receive an Approval-In-Principle to proceed with pre-operational processes and open a bank account.
For final approval, IMTOs must submit an application to the CBN within three months after obtaining Approval-In-Principle. This final application should include details such as the names of authorized dealer banks serving as local agents and a comprehensive business plan covering the nature of the business and internal control systems.
Source: PUNCH