Business

IMTOS: Azimo, Transfer Wise not licensed, CBN warns

The Central Bank of Nigeria (CBN) has issued a warning that Azimo and Transfer Wise are not licensed to operate as international money transfer operators (IMTOs).

The apex bank made this known in a statement issued on Wednesday.

According to CBN, the companies were transacting business, unauthorised as IMTOs in Nigeria and therefore warned potential investors to beware of the companies.

The statement read: “The attention of the Central Bank of Nigeria 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.

“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.

“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.”

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