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By Chinwendu Obienyi
The management of Rightcard Payment Limited, a Lemfi company, has reassured its customers that their money is safe and unaffected by the recent policy changes effected by the Central Bank of Nigeria (CBN).
The apex bank, in its bid to rejuvenate the foreign exchange market, forbade commercial banks and financial technology firms (Fintechs) from operating as International Money Transfer Operators (IMTOs) just as it has established a minimum operating capital requirement for IMTOs at $1 million.
This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According to the guidelines, applicants must adhere to the CBN’s anti-money laundering, combating the financing of terrorism, and countering proliferation financing of weapons of mass destruction regulations.
This directive had sent shivers to Nigerians in the diaspora especially the ones who use the Lemfi app to send money back to their loved ones staying in Nigeria. However, in a statement seen by Daily Sun, the fintech company, stated that it has an IMTO license to conduct international money transfers in Nigeria.
It explained that the recent ban specified in the CBN guidelines, is clarified to be applicable to banks and certain fintech companies that do not hold an IMTO license.
“The recent ban is on Banks and Fintech (Fintech, as explained by the CBN memo, is any Nigerian company with a PSSP license or any other payment license that is not an IMTO). All existing IMTO license holders are exempted and allowed full operations within the guidelines of the CBN. Hence, this new policy does not affect Rightcard Payment Limited (Lemfi). Rest assured that your money is safe.
As always, we remain committed to helping you make reliable transfers across borders, connecting you to the people and causes you care about. Thank you for your continued trust and support”, the company said.
