New Financial Rules for Banks and Fintechs

The Central Bank of Nigeria (CBN) has introduced new anti-money-laundering rules that require banks and fintech companies to improve how they monitor suspicious financial transactions. Financial institutions now have 90 days to implement automated systems capable of detecting illegal financial activities. 

The new regulation is part of efforts to strengthen Nigeria’s financial system and prevent fraud, terrorism financing, and other financial crimes. Industry experts say the rule could significantly change how fintech companies operate in Nigeria’s fast-growing digital banking sector.