The Central Bank of Nigeria has affirmed the illegitimate status of the controversial Azimo and Transfer Wise schemes, stating that they are both unauthorised as International Money Transfer Operators (IMTOs) in Nigeria
The recent disclaimer was issued by the Central Bank through a verified tweet, as seen by Nairametrics. In lieu of this, the apex bank has warned citizens and potential investors to beware of the schemes, noting that anyone that patronizes the schemes does so at his or her own peril.
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Recall that Nairametrics had earlier reported that prominent Nigerian banks such as FBN, GTB, Fidelity, Zenith and others had issued disclaimers, warning its customers against the controversial Azimo money transfer scheme.
What they are saying: Issuing a disclaimer against the aforementioned schemes, the CBN stated: ‘’The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of Messrs. Azimo and Messrs. TransferWise, both of which are purportedly transacting business, albeit unauthorised, as International Money Transfer Operators (IMTOs).
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‘’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 patronizing the companies forthwith. Anyone who patronizes the unregistered companies, does so at his or her own risk.’’
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What you should know
- Both Azimo Money Transfer and Transfer Wise are private London-based online money transfer services.
- While Azimo was founded in 2012 by Michael Kent, Transfer Wise was founded in 2011 by Estonians, Kristo Kaarmann and Taavet Hinrikus.
- Azimo claims to charge just £3.84 for a £120 transfer, Transfer Wise charges £5.53 for a £524.6 transfer.
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Just have a read of your own English: “Transfer Wise not registered IMTOs”.
Regulators give a slap in the face of everyday Nigerians who depend on remittances or work performed for companies outside Nigeria. Also forcing them to pay higher international wire fees of 12+ US$ versus 5 US$ to receive money from abroad (That should be the title of the article).
This policy is motivated in part by the pressure on the Naira currency from lower oil revenues, Central Bank wants remittances sent in dollars no Nira as these services operate.