The new BDC regime: everything changed in 2024
The Bureau de Change sector was overhauled by the CBN’s 2024 Regulatory and Supervisory Guidelines for BDC Operations. The CBN revoked a large number of existing BDC licences, introduced Tier 1 and Tier 2 categories with much higher capital, and directed operators to reapply under the new rules. If you want a BDC licence — or need to keep an existing operation alive — this is the current landscape.
Old BDC licences were swept away. Under the 2024 reform, existing operators had to reapply under the new guidelines; many licences were revoked. Do not assume an old registration still stands — we confirm your status and the path forward.
Honest note: RenewPapers is not the CBN. BDC licences are granted by the Central Bank. What we do is structure the company to the new guidelines, prepare the application to the right tier, and run it through — plus renewals and compliance.
Tier 1 vs Tier 2
- Tier 1 — national reach (franchise/branches), the higher capital and standard.
- Tier 2 — state-level operation, lower (but still substantial) capital.
- Both carry strict AML/CFT, SCUML and reporting obligations.
What is your situation?
Need a BDC licence under the new rules?
Tell us your plan. We will confirm the tier and current capital, structure the company to the 2024 guidelines, and run the application or reapplication.
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Getting CBN-licensed? Line these up
Handpicked next steps for this — we can handle any of them for you.
CBN licence (AIP to final)The master guide to getting CBN-licensed.
SCUML registrationCBN-regulated businesses need SCUML.
Register a business (CAC)Register the company with CAC first.
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