CBN publishes reviewed guidelines on international money transfer

Sep 30, 2014

The Central Bank of Nigeria (CBN) has reviewed the guidelines on international monetary transfer in order to accommodate the newly launched outbound money transfer service.

The Central Bank of Nigeria (CBN) has reviewed the guidelines on international monetary transfer in order to accommodate the newly launched outbound money transfer service.

It said the maximum allowable cash withdrawals for inbound money transfer shall not be more than $500 (€397), adding that any amount in excess of this limit would be paid through an account, This Day reports.

However, where the beneficiary does not have a bank account or mobile money wallet, payments would be made upon the provision of acceptable means of identification. The allowable limit of outbound money transfer per transactions is $2,000.

Furthermore, the CBN stated that no person or institution shall operate international money transfer services unless they have been duly licensed by the CBN.

Any technical partner must be a registered entity, licensed in its home country to carry on international money transfer services, have a minimum net worth of $10 million and should be well established in money transfer services with a track record.

Deposit Money Banks are prohibited from operating as international money transfer service operators, but can act as agents except with express approval of the CBN.

To reduce the pressure on the foreign exchange market, the CBN last month launched the Outbound Money Transfer Services in partnership with the Western Union Money Transfer.