“They just show up and look at our books,”fintech executives reveal stricter CBN compliance checks
- CEO of a prominent Nigerian fintech startup announces focus on growth and compliance for 2024.
- Central Bank bans onboarding of new customers for certain fintechs in April 2024.
- Central Bank fines at least six fintech startups for compliance issues in Q2 2024.
The shift towards compliance in the Nigerian fintech sector is a necessary response to regulatory pressures and fraud concerns. However, the increased costs associated with compliance could stifle innovation and growth if not managed properly. It will be crucial for fintechs to balance compliance with operational efficiency to thrive in a competitive landscape.
