CBN disclaims unregistered IMTOs

The Central Bank of Nigeria (CBN) has alerted the public on the activities of two unauthorised International Money Transfer Operators (IMTOs).
A statement by Mr Osita Nwanisobi, CBN’s Acting Director, Corporate Communications, urged the public not to do business with both companies.
“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.