Lagos - The Central Bank of Nigeria (CBN) has issued new guidelines aimed at providing minimum standards and requirements for International money transfer services operations in Nigeria, reports The Nation.
Henceforth, operators of money transfer services are to pay beneficiaries through their bank accounts only.
The new guidelines stipulate that where the beneficiary does not have a bank account, payments would only be made upon the provision of a satisfactory reference from a current account holder in a bank, confirming that the beneficiary is the bona fide owner of the funds.
Read more at The Nation.
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