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CBN warns investors against patronage as it declares Azimo, Transfer Wise status illegal




The Central Bank of Nigeria (CBN) has confirmed the illegitimate status of the controversial Azimo and Transfer Wise schemes.

The central bank explained that they are both unauthorised as International Money Transfer Operators (IMTOs) in Nigeria.

The CBN, however, 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.

The apex bank on Wednesday, December 16, disclosed this in a statement via its official Twitter handle.

The statement read in part: “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).

‘’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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