CBN increases ITMO application fee to N10 million, prohibits banks and fintechs from providing services.

The Central Bank of Nigeria (CBN) has updated its guidelines, announcing a substantial increase in the application fee for international money transfer operators (IMTO) license applications from N500,000 to N10 million. This surge of about 1,900% over a decade was outlined in the revised guidelines for IMTO operations released on January 31, 2024. In addition […]