TheCable

The Central Bank of Nigeria (CBN) on Wednesday warned that Azimo and Transfer Wise are not licensed to operate as international money transfer operators (IMTOs).

IMTOs are financial companies involved in the transfer of funds across countries.

Azimo and TransferWise are both London-based online money transfer providers.

In a statement issued by Osita Nwanisobi, the bank’s acting director of corporate communications, the apex bank warned that any person who solicits the services of  the unregistered companies does so at his or her 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),” the statement read. 

“The Bank wishes to notify the general public that neither Messrs. Azimo nor Messrs. Transfer Wise is licensed by the Central Bank of Nigeria 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.”

To boost forex liquidity, the CBN had announced that beneficiaries of diaspora remittances through IMTOs would have inflows in foreign currency (US dollar) through the designated bank of their choice.