Anyone who prioritizes the unregistered companies – Azimo, Transfer Wise – does that at their own risks – CBN.
The Central Bank of Nigeria has issued a disclaimer to veto two money transfer services – Azimo and Transfer Wise – that are popular among Nigerians in the diaspora.
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In a statement released on Wednesday, the bank says that activities of Azimo and Transfer Wise have gotten its attention.
According to the statement, the CBN does not approve of them as they have no license or registration as International Money Transfer Operators, IMTOs in Nigeria. Using these services at a self-risk.
“The bank wishes to notify the public that neither Messrs. Azimo nor Messrs. Transfer Wise is not 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”
To conclude the statement, the CBN say that “anyone who prioritises the unregistered companies does that at their own risks”.
Aside from the CBN, other banks in Nigeria have also issued a disclaimer against Azimo, a service growing among Nigerians in the diaspora.
Azimo promises money transfer to Nigeria at a competitively low rate and this appear to attract more users.
Azimo service also lists a number of Nigerian banks as hosts for transfer which is also behind the recent flow of disclaimers.