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02
Feb
Feb
CBN prohibits banks, bans fintechs from operating as IMTOs
-
buildingewealth / 2 years
- 2 min read
The Central Bank of Nigeria (CBN) has prohibited banks from directly operating International Money Transfer services; they are instead authorized to act solely as agents in this capacity. Similarly, Financial Technology Companies have been barred from obtaining approval for IMTO. These regulations align with the provisions outlined in the Banking and Other Financial Institutions Act
