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Nigerian Bank Issues New Money Transfer Regulations

The Central Bank of Nigeria (CBN) announced new guidelines this week for the operation of international money transfer services in Nigeria. The released draft includes new regulations on international money transfer services, and was released in line with its mandate for the development of the electronic payments system in Nigeria.

A Leadership article cited the document, which said that permissible operations of international money transfer services shall include allowable inbound and outbound international money transfer transactions.

Those transactions consist of acceptance of monies for the purpose of transmitting them to people living in Nigeria or another country, as well as cross-border personal money transfer services, the news source explained. Cross-border personal money transfer services include money transfer services towards family maintenance and money transfer services favoring foreign tourists visiting Nigeria.

“[The] money transfer services shall target individual customers mainly and the transactions shall be on ‘person to person transfer’ basis to safeguard against corporate customers which might structure their transactions into smaller amounts to circumvent the statutory reporting threshold,” the guideline stated.

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