News Column

Nigeria to Start Outbound Money Transfer Tomorrow

August 14, 2014

Hamisu Muhammad (abuja) & Kayode Ekundayo (lagos)

The Outbound Money Transfer Services will commence tomorrow in Nigeria. The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, will launch the process in partnership with the Western Union Money Transfer (WUMT).

The service will provide Nigerians the opportunity of transferring up to US$2,000 to their relations abroad on person to person basis and will only pay the Naira equivalent to the Money Transfer Service Operators for foreign currency disbursements to recipients.

It will be recalled that the apex bank recently approved new Guidelines for International Money Transfer Services in Nigeria.

Meanwhile, the CBN yesterday announced the pegging of NIBSS Instant Payment (NIP) system and other electronic payments options at N1 million daily limit for instant value for individual and N10 million for corporate institutions, beginning from August 18, 2014.

CBN, in a memo to all deposit money banks, also pegged daily limit for next working day value for individual at N10 million, and N100 million for corporate.

It directed banks to achieve highly secured online funds transfer status within six months with deadline fixed for December 31, 2014. There will be no limit on the amount that can be received by a customer from the platform.

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Source: AllAfrica

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