This was revealed in its revised guidelines for the
operation of IMTOs, which were officially released via its website and signed
by the Director, Trade & Exchange Department, Dr. Hassan Mahmud.
The latest directive from the apex bank followed policy
reforms to boost the foreign exchange market in Nigeria and encourage fund
remittance through legal channels.
According to the guidelines, applicants must comply with the
CBN’s anti-money laundering, combating the financing of terrorism, and
countering proliferation financing of weapons of mass destruction regulations.
On required documents, the CBN said, “Any IMTO intending to
operate in Nigeria shall submit its application to the Director, Trade and
Exchange Department with the following documents: A non-refundable application
fee of N10,000,000.00 (Ten Million Naira only) or such other amount that the
bank may specify from time to time; payable to the CBN through electronic
transfer or bank draft.
“Approval to operate in other jurisdictions or agency
agreements (for all IMTOs). Minimum share capital of $1million for foreign
IMTOs and the equivalent for indigenous IMTOs.”
The bank said that compliance with the above requirements
and receiving a favourable outcome would avail the applicant of an
Approval-In-Principle to proceed to open bank account and process
pre-operational processes.
“An APl cannot be used by an IMTO to commence operations,
and the AlP may be withdrawn if the IMTO does not meet the requirements stated
above,” the CBN added.
To get final approval, the central bank said “AlI IMTOs
shall submit an application to the CBN for final approval not later than three
months after obtaining APl subject to the fulfilment of the following
requirements: Names of Authorized Dealer Bank(s) to serve as local agents and a
copy of the agency agreement. Submission of a detailed business plan to the
CBN, which includes the following: a. Nature of the business, Internal control
systems and monitoring procedures, and more.”
Also, an IMTO would be required to pay an annual renewal fee
of N10m or any amount that the bank may specify from time to time on or before
January 31st of the year. Renewals of IMTO licences are expected to be done
within the first quarter of every year.
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