July 19, (THEWILL) – Nigeria’s largest deposit money bank by assets, Access Bank, has said it will not receive remittances made through unregistered payment services.
In a note to its customers Wednesday, the Tier-I bank noted that while it would ensure a seamless processing of offshore foreign currency transfers, such service would not be extended to remittances from “unregistered payment services”.
The notice read in part:
“Thank you for choosing Access Bank as your preferred service partner.
“We want to ensure that foreign currency transfers you receive from offshore accounts are processed seamlessly.
“In view of this, we write to notify you that offshore funds payment processed via unregistered payment services will not be received by Access Bank.”
The bank provided a link for its customers to access the approved 24 payment service service operators and urged its customers to reach out to their offshore partners to notify them of this update and for any enquiries on their expected inflows”.
The CBN had in a recent circular dated July 10, 2023, entitled ‘Payout Option in Naira for Receipt of Proceeds of Diaspora Remittances’ and signed by Director, Trade & Exchange Department, Dr. O.S. Nnaji, updated the list of registered International Money Transfer Operators (IMTOs) in Nigeria from 47 in 2021 to 62.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
