The Central Bank of Nigeria (CBN) on Wednesday, December 16 said its attention has been drawn to the activities of Azimo and Transfer Wise, “both of which are purportedly transacting business, albeit unauthorised, as International Money Transfer Operators (IMTOs).”

“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)”, CBN said.

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The apex bank on its official twitter handle (@Cenbank) said, “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”.

Recall that earlier this month, in a bid to improve foreign exchange (FX) supply at the parallel market window, the Central Bank of Nigeria directed International Monetary Transfer Operators (IMTOs) to fund agent banks’ correspondent accounts, which will be responsible for final payments to beneficiaries.

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By Iheanyi Nwachukwu • December 17, 2020

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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