Nigeria - Apply for Money Remittance License

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Procedure

Apply In-Person:

1. To apply for Money Remittance License in person, the applicant has to visit the office of the Director of the Trade & Exchange Department in the Central Bank of Nigeria.
2. The contact link of the Central Bank of Nigeria can be found below contact link
3. Visit the office with an application letter to obtain a Money Remittance License.
4. Make sure that you have all the documents listed in the “Required Documents” section of this page.
5. Attach the required documents with the letter of application and submit it to the relevant authority at the office.
6. After successful submission, the applicant must pay the required charges for obtaining the Permit.
7. On receipt of the stipulated payment, the agency will start the assessment of the application and verification of the attached documents.
8. If the submitted information is found sufficient, the officials will proceed to issue the license.
9. Once all the necessary processes are over and License is ready to be issued, the applicant will be informed through phone or email to collect it.

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Required Documents

• Application letter
• Board of Director’s approval
• Certificate of Incorporation (copy)
• Memorandum & Articles of Association (certified copy)
• Shareholding structure of the Company
• Forms C02 (Return on Allotment of shares) and C07 (Particulars of Directors)
• Profiles of the Board and Management of the Company
• Organogram of the company
• Business Plan
• Information Technology Policy
• Refer the section 2.3 in the following document for more clarifications Requirements

Office Locations & Contacts

Central Bank of Nigeria - Head Office,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory, Nigeria
P.M.B. 0187, Garki Abuja.
Nigeria
Phone: +234 700 225 5226
Toll free line: +234 800 225 5226
Email: [email protected]
Website: Link

Eligibility

• Any person or institution in Nigeria, that intends to carry on the business of International money transfer services, can apply.
• Refer the following document for more clarification of requirements

Fees

The applicant has to pay a non-refundable application fee of N500,000 initially with the documentation submission and CBN will inform regarding the license fees.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
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from external websites.
Please remove the '&' inside the tags during implementation.
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sevenload, viddler, vimeo, youku, youtube
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e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants are advised to complete the application form neatly and completely with absolute legibility and appropriateness to avoid rejections.
• Also, all the required documents must be furnished completely to help with the application process thereby reducing the time spent on processing as much as possible.

Required Information

• Business name
• Registration number
• Incorporation particulars
• Full Address of the premises
• Share capital
• Identity document numbers of the directors
• Identity document numbers of the shareholders
• Phone number
• Email address
• Banking details

Need for the Document

It is mandatory for an individual or institution to obtain a Money remittance license from the Central Bank of Nigeria to carry on the business of International money transfer services.

Information which might help

Refer for more information guidelines

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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