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Diaspora remittances now account for a significant portion of Nigeria’s foreign exchange inflow, surpassing foreign direct investment over the past eight years. The Central Bank of Nigeria (CBN) monitors these transactions, especially in the digital fintech landscape

On January 31, 2024, the CBN issued new guidelines for international money transfer operators (IMTOs), prohibiting Fintechs from obtaining IMTO licenses, removing the fixed limit on exchange rates to allow for market-driven rate determination.

In this client alert, TEMPLARS Partner Zelda Akindele, Senior Associate Victor Sameria, and Associate Victoria Aluko highlight the changes introduced and the implications for IMTOs.

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