2008-10-13 | TED-FEM-FPC-GEN-01-109-08

Additional Information Requirements and Directive on Western Union Money Transfer Operations in Nigeria (WUMT)

In light of identity concerns, the Central Bank of Nigeria requires banks to strictly follow additional safeguards for Western Union Money Transfer (WUMT) operations in Nigeria. These include collecting funds only in designated towns, investigating customer complaints within a week before referring them further, and verifying beneficiary photographs upon payment collection. Banks must adhere to these measures or face liability and refund obligations for incorrect payments. O. I. Imala, Director of Banking Supervision.

Nigeria

Central Bank of Nigeria

Show thumbnail