ALERT: Beware of unregistered money transfer operators, CBN warns – The Cable


The Central Bank of Nigeria (CBN) has warned Nigerians at home and abroad to be cautious of unlicensed international money transfer operators (IMTOs).

In a statement signed by Isaac Okorafor, the bank’s director of corporate communications, CBN warned that IMTOs must be licensed to carry financial activities.

“The Central Bank of Nigeria (CBN) wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria,” the statement read.

“This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy.

“All financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.”