Business
CBN issues red alert 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.
Read also: Businesses hopeful of better economy in December – CBN Survey
“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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...