Connect with us

Banking

CBN Raises Alarm Over Activities of Azimo, Transfer Wise

Published

on

Azimo Transfer

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has warned the general public to be careful of doing business transactions with Azimo and Transfer Wise.

It was stated that the two organisations are claiming to be International Money Transfer Operators (IMTOs), but the CBN said it never gave these two firms licences to operate in the country as IMTOs.

In a statement issued on Wednesday and signed by the Acting Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, it was stressed that both Azimo and Transfer Wise are not registered to do the business they claim to have authority to do.

ALSO READ  Sterling Bank, AMCON in Illegal Land Sale Mess

“The attention of the CBN has been drawn to the activities of Messrs Azimo and Messrs Transfer Wise, both of which are purportedly transacting business, albeit unauthorised, as IMTOs.

“The bank wishes to notify the general public that neither Messrs Azino nor Messrs Transfer Wise is licenced by the CBN to operate as an IMTO.

“The public is, therefore, advised to beware of the activities of Messrs Azino and Messrs Transfer Wise and desist from patronising the companies forthwith. Anyone who patronises the unregistered companies does no at his or her own risk,” the statement from the CBN said.

ALSO READ  eTranzact, PayPal Among 47 CBN-Licensed IMTOs

Business Post recalls that one of the top financial institutions in the country, First Bank of Nigeria Limited, had on Tuesday warned its customers to be careful of Azimo.

“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.

ALSO READ  Access Bank Emerges 'Safest Bank' in Nigeria

“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,” a statement from First Bank sent to its customers via an email read.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Banking

CIBN to Revamp Banking Practice in Nigeria With A-TEAM Initiative

Published

on

CIBN A-TEAM Initiative

By Aduragbemi Omiyale

A strategic initiative aimed to revamp banking practice in Nigeria has been introduced by the Chartered Institute of Bankers of Nigeria (CIBN).

The new plan with the acronym A-TEAM means Accelerated Development; Technology and Digital Enhancement; Engagement for Growth; Accountability and Transparent Leadership and Membership Drive for Value.

As part of efforts for its successful implementation, the CIBN is seeking collaborations with financial institutions in the country.

Recently, the President/Chairman of Council, CIBN, Mr Bayo Olugbemi, visited Ecobank Nigeria and he said the A-TEAM initiative will benefit stakeholders in the banking sector.

He applauded Ecobank’s consistent support for the institute over the years to ensure the realisation of its mandate of determining the standards of knowledge and skills development for those seeking to become members of the banking profession.

“We applaud Ecobank Academy as the first corporate member to become a member of the Global Business School Network and for the consistent support for the realisation of the institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.

ALSO READ  EFCC Arraigns UBA Worker over N100m Forex Scam

“We, therefore, seek Ecobank’s collaboration and enlistment in our Endowment/Prize Awards in any subject of interest; support towards the renovation of Abuja Bankers’ House; support for the establishment of banking museum by donating artefacts and other relevant materials; and to participate actively in training programmes of the institute,” Mr Olugbemi said.

Further, he congratulated Ecobank Nigeria and the Ecobank Group on winning several International awards, which includes the Best Retail Bank in Nigeria by Asian Banker; Africa’s Best Bank for Corporate Responsibility by Euromoney (Ecobank Group); African Bank of the Year (African Banker); Innovation in Financial Services Award from African Banker (Ecobank Group); EMEA Finance African Banking Awards 2020.

ALSO READ  Police Arrests, Detains Former Union Bank CEO Over Bribery Probe

Responding, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, pledged more support and collaboration with the institute, restating that Ecobank will continue to contribute to the efforts of the organisation to become top class and remain relevant globally.

“For us at Ecobank, we are extremely proud CIBNs efforts at ensuring public discourse on the future of the Nigeria economy and the banking and finance industry.

“This is not in isolation of the ethics, professionalism, accountability, transparency, good corporate governance without losing focus of harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times,” he said.

Mr Akinwuntan also identified with the efforts of the institute to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker will be held in high esteem.

ALSO READ  Paternity Mess: FCMB Boss Adam Nuru Steps Down as Probe Begins

He said Ecobank was working assiduously to ensure a majority of its staff become members of the institute, adding that the bank will also provide more mentees and mentors in its mentorship programme.

“We have a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the institute.

“At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute.

“We will also ensure bulk subscription of our staff. We will be nominating 30 mentors and 100 mentees to participate in the second mentorship programme,” he assured.

Continue Reading

Banking

VBank Brightens Spirits at Lagos NYSC Orientation Camp

Published

on

VBank NYSC Orientation Camp

By Modupe Gbadeyanka

The National Youth Service Corps (NYSC) orientation camp in Lagos was recently brightened by VFD Microfinance Bank, owners of the 2020 banking app of the year, VBank.

The financial institution, for 10 days, entertained corps members and officials alike at their Games Veelage, an arcade set up with interesting games including snooker, Jenga, fuss ball, chess, scrabble, snakes & ladders and video games.

At the climax last Sunday, 15 NYSC members won N150,000 in cash prizes, while others received loads of consolation gifts.

ALSO READ  Paternity Mess: FCMB Boss Adam Nuru Steps Down as Probe Begins

Dayo Osborne, Gbenga Benedict, Olamide Ojedele, and Joseph Eweje were some of the winners of the N20,000 cash prize category and were rewarded instantly via transfer from the digital banking app, VBank.

While onboarding the graduates on the banking platform, the brand created an avenue for the Batch A Stream 2A corps members to relax after their usual daily camp routine.

ALSO READ  Police Arrests, Detains Former Union Bank CEO Over Bribery Probe

The bank had equally sponsored the inter-platoon games night which took place days before, gifting participants cash transfers using the app’s Proximity Payment feature.

According to Ebere Ahaotu, Product Manager, VBank, “It is our little way of encouraging young people to keep hope alive.

“Camp life can be hectic and VBank is all about ease and convenience so why not brighten up their camp experience, introduce them to a better way to bank and assist them with some funds to transport them to their places of primary assignment. It’s about paying it forward.”

ALSO READ  EFCC Arraigns UBA Worker over N100m Forex Scam

The corps members have since been posted to different places of assignment within the state while another stream gets ready for camp in July.

Continue Reading

Banking

Ecobank Describes Women as Bedrock of Entrepreneurship

Published

on

ecobank Customer Deposits

By Modupe Gbadeyanka

The role women play in entrepreneurship cannot be downplayed and this is why Ecobank Nigeria has thrown its full weight behind the Selfmade Woman Conference (SMWC) 2021.

The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, in a statement from the lender, said women are the bedrock of entrepreneurship and most families.

He said partnering with a notable media entrepreneur and blogger, Ms Linda Ikeji, to host the event slated for Saturday, June 19, 2021, in Lagos was in line with the bank’s empowerment policy for women.

According to him, the challenges facing the nation have made it more imperative to recognise the potentials in women and develop them.

“Our decision to support Linda Ikeji conference aligns with our women empowerment policy. As a bank, we have been playing a leading role in this respect,” Mr Akinwuntan said.

ALSO READ  NEXIM Shops for $50m for SMEs

Business Post reports that the event is taking place at the Federal Palace Hotel, Victoria Island, and the speakers include Tara Durotoye, renowned beauty and make-up entrepreneur; Dr Ola Brown, founder of the Flying Doctors Healthcare Investment Company; and Dr Nancy Nnadi, serial entrepreneur and CEO of Telecom Distribution Company.

Other guest speakers are Tomie Balogun, investment expert and fintech entrepreneur; Sola Adesakin, finance coach and chartered accountant; Kemi Adetiba, filmmaker and content creator; and TV star, Dorathy Bachor.

They will provide actionable strategies and hope to women who would like to start their own businesses, enhance their impact in various industries or broaden their creative roles in traditional industries.

Speaking further on the various supports the bank has offered to entrepreneurs, Mr Akinwuntan said, “As you know, we have a long-standing partnership with Tera Kulture, that is Bolanle Austen Peters who has come out with various movies such as Bling Lagosians, Moremi The Musical, Fela and the Kalakuta Queens, The Oluronbi Musical and others.

ALSO READ  IFC Sells 14.1% Stake in Ecobank to Dutch Firm

“Recently, we also supported The Wait, a movie inspired by the popular book from renowned lawyer and entrepreneur, Yewande Zaccheaus.

“We are also currently working with the Ogun state government to promote the Adire industry which is also primarily women-driven.

“In the agricultural industry, we have supported the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN) across the six regions of the country to reach out to farmers, especially the womenfolk to support them financially to increase their farm size and yield capacity through the introduction of new techniques.

ALSO READ  CBN Raises Loan to Deposit Ratio to 65%, Gives Fresh Deadline

“Let me also add that Ecobank has a women empowerment programme Ellevate for women in Business; this will be publicly launched across the country in July.

“With Ellevate, we want to ensure we raise and recognize our women for the significant role they have always played to ensure a better society for us all.”

The Linda Ikeji Self-Made Woman, which debuted in 2013, is an advocacy project with the sole aim to mentor and provide financial empowerment to young female entrepreneurs or aspiring ones.

It is mainly to build stronger economies and improve the quality of life for women, men, families and communities.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: