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Temiloluwa O’Peters
The Central Bank of Nigeria has warned that neither Azimo nor Transfer Wise has been licensed by the bank to operate as International Money Transfer Operators.
CBN in a disclaimer posted on its twitter account on Wednesday notified the public that the companies were transacting business, unauthorised as IMTOs in Nigeria and therefore warned potential investors to beware of the companies.
The apex bank advised the public to desist from patronising the schemes, noting that doing so was at the investor’s peril.
The statement said, “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.
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Companies desirous of providing International Money Transfer
Operator (IMTO) services in Nigeria are required to be licensed by
the Central bank of Nigeria (CBN) as provided by the Guidelines for
the Operation of International Money Transfer Services in Nigeria,
2014 ( IMTO Guidelines ).
What activities can IMTOs Provide?
IMTOs may accept monies for the purpose of transmitting to
persons resident in Nigeria or another country. They may also carry
out cross-border transfer services for personal purposes such as
money transfer services towards family maintenance and money