“We introduced Circular 114 into the economy for reasons known to all. It regulates how people should make payments for transfers through banks, money transfer services, and sub-agents. We are currently evaluating Circular 114 to identify discrepancies and understand where there are gaps in relation to the original objectives and provisions,” explained Ronald Gabriel. He further indicated that the central bank is likely heading towards amending Circular 114.

It appears that despite several modifications, Circular 114 still fails to address the challenges associated with transfer payments. In particular, transfer recipients in certain regions are now struggling more than ever to receive their funds. The governor criticized the fact that some people continue to pay transfers at rates below those stipulated by Circular 114, specifically the reference rate.