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CBN disclaims unregistered IMTOs
CBN
The Central Bank of Nigeria (CBN) has alerted the public on the activities of two umaithorised 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.
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The Central Bank of Nigeria has warned operators against paying recipients of diaspora remittances in local currency.
It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances.
The CBN said this in a circular to International Money Transfer Operators and Payment Service Providers titled, ‘Receipt of diaspora remittances: Additional operational guidelines’ on Wednesday.
“All licensed institutions are required to comply with the foregoing guidelines as contraventions will attract stiff regulatory sanction including revocation of licence,” the circular stated.
The circular was signed by the director, trade and exchange department, and the director, payments system management department.
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The Central Bank of Nigeria (CBN) has said that Messrs Azimo and Messrs Transfer Wise, both of which are purportedly transacting business, albeit unauthorised, as International Money Transfer Operators (IMTOs) are not registered.
A statement signed by Osita Nwanisobi Ag. Director, Corporate Communications at CBN, noted that 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.