Revised Guidelines for the Registration of Cash-in-Transit and Currency Processing Companies in Nigeria

Revised Guidelines for the Registration of Cash-in-Transit and Currency Processing Companies in Nigeria

What Is This Policy?

Guidelines defining the registration requirements, operational standards, and compliance obligations for companies providing cash-in-transit, cash processing, and vault management services in Nigeria.

Who Does It Target?

Cash-in-transit service providers Currency processing companies CBN Currency Operations Department Commercial banks outsourcing cash management

What Does It Aim to Achieve?

Ensure that cash movement and processing services in Nigeria are provided by qualified, registered companies that meet security, insurance, and operational standards.

Key Features

Registration Requirements: Company credentials, fleet, insurance, and security personnel standards Operational Standards: Vehicle specifications, route planning, and cash handling procedures Insurance: Minimum coverage for cash in transit, employees, and third parties CBN Oversight: Regular inspections and compliance monitoring

Current Status

Rollout Stage: Active Coverage: All CIT and currency processing companies Lead Agency: CBN Currency Operations Department

How to Access

Companies must register with the CBN before providing CIT or currency processing services. Submit registration application with company and fleet documentation Meet insurance and security requirements Undergo CBN inspection and obtain registration certificate

Official Resources

Website: cbn.gov.ng Contact: CBN Currency Operations Department, Abuja

Legal Framework

Issued under the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act 2020. Operates alongside the Money Laundering Prohibition Act, the Terrorism (Prevention and Prohibition) Act 2022, the FATF Recommendations on cash transportation, and the CBN Anti-Money Laundering/Combating the Financing of Terrorism Regulations.