As part of the efforts of the new Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele to enhance banking regulations; the CBN has stipulated a minimum paid up share capital of N2billion and presence in at least seven countries as prerequisite to carry out money transfer services in Nigeria.
This was made known in a memorandum signed by the director Banking and Payments System, Dipo Fatokun, who added that the policy is part of the CBN’s mandate for the development of the electronic payments system in the country.
The money transfer service is only available to individual customers allowing them transfer within and outside the country.
The policy permits a maximum outbound money transfer of $1,000 per person and the transfer can only be disbursed through the beneficiaries’ bank account. Where a beneficiary does not have an account, a satisfactory reference from a current account holder in a bank after confirmation that the beneficiary is the bonafide owner of the funds will be required.