CBN has established $1 million as the minimum share capital requirement for International Money Transfer Operators (IMTOs) in Nigeria, according to revised guidelines disclosed on its website.
Applicants must adhere to anti-money laundering regulations and submit specified documents, including a non-refundable application fee of N10 million, for consideration.
Approval-In-Principle is granted upon meeting requirements, allowing applicants to proceed with pre-operational processes, while non-compliance may lead to withdrawal of the AIP.
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