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CBN raises outbound money transfer limit to $5,000

By BusinessNews Staff on October 15, 2014

The Central Bank of Nigeria (CBN) monday increased the maximum value for the recently introduced outbound international money transfer services from $2,000 per transaction to $5,000 per transaction.

The central bank disclosed this in a circular posted on its website titled: “Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria –review of allowable limit”.

The document signed by the Director, Trade and Exchange Department at the CBN, Mr. O.I.Gbadamosi, cited a recent guideline on the IMTS with reference number TED/FEM/FPC/GEN/01/016 dated September 26, 2014.
“Authorised dealers and members of the public are hereby notified that the threshold of $2,000 per transaction has been reviewed upward.

“Accordingly, the allowable limit for the outbound international money transfer of $2,000 per transaction has been increased to $5,000 or its equivalent per transaction,” it explained.

However, it stressed that the service is only applicable to “person-to-person” transfer, stating that “for the avoidance of doubt, corporate entities are not allowed to use this product.”

Also speaking on the increase of the threshold, the Deputy Director, Banking and Payment System Department, CBN, Mr. James Omebere Iyari said: “We are happy that with the new threshold that has been increased from $2,000 to $5000, would lead to more transparency and disclosure.”

Meanwhile, the United Bank for Africa (UBA) Plc and MoneyGram yesterday launched the outbound money transfer service in Nigeria.
The newly launched service allows Nigerians to send money abroad through any UBA branch in Nigeria or Africa while the funds are received in dollar or the currency of the receiving country.

Speaking at an event in Lagos monday, the Group Managing Director/Chief Executive Officer, UBA, Mr. Phillips Oduoza, who had a live demonstration of how the service works, said the service would boost trade and business between African countries, saying many Nigerians who do business across Africa, no longer have to move around with cash.

He described the new money transfer service tagged ‘Naija Sends’ as another testimony to the innovative, customer-centric disposition of both UBA and MoneyGram.

“This service opens a new vista of opportunity for Nigerians to easily trade with other Africans and also trade with other parts of the world. It also offers a great platform to send money to loved ones abroad.

“As Africa’s global bank, we are proud to partner with MoneyGram to make this service available. It opens a whole new world of opportunities for our customers” Oduoza said.

On her part, the Regional Manager, Anglophone West Africa, MoneyGram, Mrs. Kemi Okusanya, said the launch of ‘Naija Sends’ has further deepened the brand’s reach and service in Nigeria.

“Over the last two decades MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigeria Diaspora to their loved ones. As Africa’s largest economy, with over 10 million migrants, we are glad we are now able to also offer Nigerians the opportunity to send money abroad to their loved ones and for business transactions”, Okusanya said.

[This Day]

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