December 21

Nigeria’s Apex Bank Bans Mobile Money Operators From Receiving Remittances

By Emmanuel Paul

The Central Bank of Nigeria (CBN) has suspended Mobile Money Operators, Payment Switch providers from receiving remittances or integrating their systems with International Money Transfer Operators (IMTOs).

According to a statement released by the Apex bank, it pushed this directive since a few operators have kept paying remittances in local currency instead of the US dollar.

In light of this, the CBN has ordered all payment switches and processors to stop processing any local currency transfers for remittances through IMTOs. It also instructed MMOs to disable their wallets from receiving remittances from IMTOs immediately.

The CBN also demanded that payment services companies should stop integrating their systems with IMTOs and make sure remittances do not get mixed up with other legitimate transactions.

Photo courtesy of Simon Berry.

Source: Techpoint Africa (link opens in a new window)

financial inclusion, remittances