Home Business Azimo, Transfer Wise Not Registered IMTOs, Says CBN

Azimo, Transfer Wise Not Registered IMTOs, Says CBN


The Central Bank of Nigeria (CBN) has alerted the public on the activities of two unauthorised International Money Transfer Operators (IMTOs), Messrs Azimo and Transfer Wise.

The Acting Director, Corporate Communications, CBN, Mr. Osita Nwanisobi in a statement on Wednesday urged the public not to do business with both companies.

According to him, “The attention of the CBN has been drawn to the activities of Messrs Azimo and Transfer Wise, both of which are purportedly transacting business, albeit unauthorised, as IMTOs.

“The bank wishes to notify the general public that neither Messrs Azimo nor Transfer Wise is licensed by the CBN to operate as an IMTO. The public is, therefore, advised to desist from patronising the companies forthwith.

“Anyone who patronises the unregistered companies, does so at his or her own risk,” he warned.

In line with its commitment to promoting a strong and credible payment system, the CBN recently approved new license categorisations for the payments system.

The apex bank had announced that the new framework offered clarity for new and existing market participants.

Banks operating in the country issued disclaimers against Azimo, a money transfer application that claims to facilitate global money transfers.

On its website, Azimo states that it allows money transfer to Nigeria stating the following in its caption; “Save up to 70% on money transfers to Nigeria. Need to send money to Nigeria? No wahala. With great exchange rates and a low, honest fee, you’re better off sending money in Nigerian naira (NGN) with Azimo.”

It claims to charge just £3.84 for a £120 transfer claiming it is one of the least in Europe.

Azimo is a London Based money transfer service founded by Michael Kent in 2012 and is one of the fastest rising money transfer startups in Europe. It list as part of its investors, European Investment Bank, Greycroft, Rakuten (Japan). It was also once listed as one of the fasted growing companies in the UK.





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