January 17, 2021
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Nigeria’s central bank disclaims two illegal IMTOs, Azimo & Transfer Wise

By on December 17, 2020 0 103 Views

The Central Bank of Nigeria (CBN) has disowned two companies operating illegally as International Money Transfer Operators in the country.

In a statement by its acting director of corporate communications, Osita Nwanisobi, the CBN said the two firms Azimo and Transfer Wise are unauthorised to operate as money transfer agents in the country.

“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).

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“The Public is therefore advised to beware of the activities of Messrs. Azimo and Messrs. Transfer Wise and desist from patronizing the companies forthwith.

“Anyone who patronizes the unregistered companies does so at his or her own risk,” Nwanisobi stated in the statement sent to Global Financial Digest via email.

The regulatory bank last month opened the window of opportunity for beneficiaries of diaspora remittances to collect their money in foreign currency or have it deposited in their domiciliary accounts.

The move by the central bank to ensure increase dollar inflow into the country through diaspora remittances has dwindled as a result of the previous arrangement where recipients are compelled to receive their money in local currency and at an official rate.

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