- Written by:
- Elephant FX Editorial Team
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- Updated:
Written from Elephant FX product documentation and the official sources cited below.
Short answer
An Approval-in-Principle is a conditional approval a regulator gives before a final licence; conditions still have to be met and final clearance granted, so it should not be described as a final unrestricted licence. Elephant Globe Limited states that its inbound IMTO service has CBN Approval-in-Principle, which remains subject to CBN conditions and final clearance.
Who this applies to
- Individuals and businesses doing due diligence before choosing a Nigerian transfer, payout or exchange provider.
Steps
- Get the provider's full legal entity name, not just the brand.
- Check the company's incorporation with the CAC.
- Check the relevant CBN list for its approval or licence type and what it covers — inbound remittance and payment services are different categories.
- Read data-protection (NDPC) and AML-related (SCUML) registrations separately; they are not payment or remittance licences.
- Confirm the official domains and support channels, and pay or communicate only through those.
What each record means
Company incorporation (CAC): shows the legal entity exists; it is not a financial-services licence.
Data-protection registration (NDPC): concerns personal-data responsibilities; it is not a payment or remittance licence.
SCUML registration: registration within the applicable AML/CFT supervision context; it does not replace CBN approval.
CBN Approval-in-Principle: a conditional, interim approval limited to the business it names.
Risks and limits
- Be wary of anyone who only shows certificate screenshots, cannot give a full legal name, or cannot be found at official sources.
- This is general information, not legal advice; regulatory requirements can change, and the regulator's latest publications prevail.
Sources
- CBN list of International Money Transfer Operators · Central Bank of Nigeria
- CBN list of payment service providers · Central Bank of Nigeria
- Corporate Affairs Commission (CAC) · Corporate Affairs Commission
- Nigeria Data Protection Commission (NDPC) · Nigeria Data Protection Commission
- Special Control Unit against Money Laundering (SCUML) · SCUML
Related
General information about using Elephant FX, not legal, tax or investment advice. Availability, limits, fees and timing depend on verification, review and the details shown in your account.