Nigerian fintechs ramp up compliance hiring months after customer onboarding ban
- Kuda Bank, Moniepoint, OPay, and Palmpay expand compliance teams after central bank's April ban.
- Moniepoint hired five new transaction monitoring team members, including former OPay and Flutterwave employees.
- Kuda Bank added three compliance analysts and two fraud team members.
The shift towards enhanced compliance in Nigeria's fintech sector is a necessary response to regulatory pressures, but it raises questions about the balance between compliance and growth. While these efforts may help mitigate fraud, fintechs must also ensure that they do not stifle innovation and customer acquisition in the process. Ongoing scrutiny from regulators and investors will likely shape the future landscape of fintech operations in Nigeria.
