2008-12-18 | TED-FEM-FPC-GEN-01-134-08

Circular to all Banks and International Money Transfer Operators in Nigeria

This Nigerian banking circular from December 17, 2008 highlights new safety measures for international money transfers. It emphasizes that operators and agent banks must enforce additional safeguards such as collecting funds only in designated locations, introducing a secondary pin/code for confirmation, and ensuring customers are informed of the processes. Failure to follow these guidelines will result in liability and possible refunds if wrongful payments occur. This circular supersedes an earlier one from October 10, 2008.

Nigeria

Central Bank of Nigeria

Show thumbnail