CBN Issues Alert Against Two London Companies Over Illegal Remittance Operation

The Central Bank of Nigeria (CBN) has warned Nigerians and foreigners against transacting with two London-based international money transfer operators (IMTOs), weeks after the CBN reviewed its remittance policy.

Beneficiaries of forex were notified in a statement that Azimo and Transfer Wise have no license to operate as international money transfer operators for remittance transfer into Nigeria.

Both Azimo and Transfer Wise are said to be unregistered companies, and any individual that transact with the money transfer operators do so at his or her own risk, CBN's Acting Director of Corporate Communications, Osita Nwanisobi, said.

READ ALSO: Eleven Banks Face Non-Performing Loans Risk After Increasing Loans To Individuals, Businesses

“The attention of the Central Bank of Nigeria (CBN) 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 (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). 

“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.”