The following classes of licenses can be applied for and the applicant has to meet the requirements/ criteria listed below.
Class A - International Money Transfer Agency License- A clear license to operate in the base country.
- A good track record of conducting money remittance business.
- A recommendation from the regulatory authority in the base country.
- A minimum paid -up share capital of two thousand and five hundred currency points.
- The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
- Acceptable Agency Agreements.
- a well spelt-out mode of money remittance that is formal, reliable and transparent.
- An acceptable operational manual.
Class B- Forex Bureau Remittances License
- A proven track record of licensed forex bureau operations for a period of two years.
- A minimum paid-up share capital of two thousand and five hundred currency points.
- Shareholders, directors and officers who are fit and proper persons for purposes of money remittances.
- The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
- Separate counters and staff dedicated to the money remittance business.
- An acceptable operational manual.
Class C - Direct Entrants License
- The financial condition and history of the applicant.
- That the applicant has a minimum paid-up share capital of two thousand and five hundred currency points.
- The nature of the business of the applicant.
- The competence and integrity of the applicant and its management.
- The adequacy of the applicant's business and financial plans and earning prospects.
- Whether the shareholders, directors and officers of the applicant are fit and proper persons for purposes of transacting money remittance business.
- The geographical locations and branch distribution network of the proposed business.
- The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
Class D - Sub-Agent’s License
- The financial condition and history of the applicant.
- that the applicant has a minimum paid-up share capital of two thousand five hundred currency points.
- The nature of business of the applicant and its management.
- The competence and integrity of the applicant and its management.
- The adequacy of the applicant's business and financial plans and earning prospects.
- Whether the shareholders, directors and officers of the applicant are fit and proper persons for purposes of transacting remittances business.
- The geographical locations and branch distribution network of the proposed business (premises).
- The applicant’s ability to comply with all anti-money laundering and combating of financing of terrorism standards and measures.
- Evidence of acceptable Agency Agreements with its principal.
