CBN issues warning on Azimo, Transfer Wise, says firms are not registered IMTOs

The Central Bank of Nigeria (CBN) has issued a red alert on London-based online money transfer providers, Azimo and Transfer Wise, saying the two firms had not been licensed by the regulator as International Money Transfer Operators (IMTOs).

In a statement issued on Wednesday by Osita Nwasinobi, CBN’s acting director of corporate communications, the regulator warned that anyone requesting the services of the unregistered firms did that at their own risk.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of Messrs. Azimo and Messrs. Transfer Wise, both of which are purportedly transacting business, albeit unauthorised, as International Money Transfer Operators (IMTOs),” CBN said.

“The Bank wishes to notify the general public that neither Messrs. Azimo nor Messrs. Transfer Wise is licensed by the CBN to operate as an International Money Transfer Operator (IMTO).

“The Public is therefore advised to beware of the activities of Messrs. Azimo and Messrs. Transfer Wise and desist from patronising the companies forthwith. Anyone who patronises the unregistered companies, does so at his or her own risk.”

In a move to stimulate liquidity in the foreign exchange market, the apex bank had in November announced that beneficiaries of foreign remittances would henceforth receive their funds in dollar.

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