The Central Bank of Nigeria, has strongly advised the public against patronising two unlicensed International Money Transfer Operators (IMTOs), Azimo and Transfer Wise, asserting that they are not registered or approved to do so.
The bankers bank in a statement, warned the general public to beware of the two firms which are operating as international money transfer operators (IMTOs), are not licensed to transfer funds.
The CBN statement reads, “Our attention has been drawn to the activities of Messrs. Azimo and Messrs. Transfer Wise, both of which are purportedly transacting business, albeit un-authorised, as International Money Transfer Operators (IMTOs).”
The apex bank disapproval of the two IMTOs was clear and unambiguous. “The CBN 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). 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.”
It will be recalled that the CBN early this month, embarked on a mission “to liberalise, simplify and improve the receipt and administration of the diaspora remittances into Nigeria,”
The CBN Governor, Godwin Emefiele, in the current thrust of CBN on (IMTOs)said: “Beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice.
“Such recipients of remittances may have the option of receiving these funds in foreign currency cash (US Dollars) or into their domiciliary accounts.
“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of diaspora remittances into Nigeria,” he stated.