First Bank Speaks On Affiliation With Azimo Money Transfer (Details)

First Bank of Nigeria, one of Nigeria’s largest financial sectors has dissociated itself from Azimo, a money transfer application that insists to facilitate global money transfers.

Brandnewsday gathers that First Bank issues a disclaimer after the foreign money transfer application list the Nigerian bank as one of its receiving banks.

Meanwhile, in an email sent to the bank’s customers, FBN warned its customers that it is not one of the receiving banks on the platform and that Azimo is also not a registered Money Transfer Operator (MTO).

READ: First Bank Sort Code: Full List Of First Bank Sort Codes In Nigeria

In the email, First Bank said: “We disclaim the listing of FirstBank as one of the receiving or paying Banks on Azimo.com by Azimo Limited, offering Global Money Transfer Services. FirstBank has no affiliation with Azimo and hereby publicly disassociates itself from it.

First Bank Speaks On Affiliation With Azimo Money Transfer (Gives Details)

”Azimo is not a registered Money Transfer Service with the Central Bank of Nigeria (CBN) as such, not licensed in Nigeria. Anyone who transacts with Azimo is therefore doing so at his/her peril.”

On the other hand, stating on its website, Azimo disclosed that it allows money transfer to Nigeria stating the following in its caption:

“Save up to 70% on money transfers to Nigeria. Need to send money to Nigeria? No wahala. With great exchange rates and a low, honest fee, you’re better off sending money in Nigerian naira (NGN) with Azimo.”

It claims to charge just £3.84 for a £120 transfer claiming it is one of the least in Europe.

The disclaimer from FirstBank may have been as a result of Azimo listing the bank as one of the receiving banks in Nigeria. The central bank approves the list of MTO and it is understood this is a heavily monitored activity by the apex bank as it tightens regulations around transfers from abroad to beneficiaries in the country.

Azimo Tracking

Azimo is a London Based money transfer service founded by Michael Kent in 2012 and is one of the fastest rising money transfer startups in Europe. It list as part of its investors, European Investment Bank, Greycroft, Rakuten (Japan). It was also once listed as one of the fasted growing companies in the UK.