It also said an IMTO cannot use an Application Programme Interface (API) to commence operations, and the Approval-in-Principle may be withdrawn if the IMTO does not meet the set requirements.
Punch reports that CBN said for an IMTO to get final approval, it shall submit an application to the bank for final approval three months after obtaining API, subject to the fulfilment of the requirements.
The listed requirements include the names of Authorised Dealer Bank(s) to serve as local agents and a copy of the agency agreement.
Another is to submit a detailed business plan to the CBN, including the nature of the business, internal control systems and monitoring procedures, and more.
It stated that an IMTO would be required to pay annual renewal fees of N10 million or any amount the bank may specify from time to time on or before January 31 of the year.
