However, as the industry transitions into a tech-enabled era, marked by a staggering 11.2 billion electronic transactions processed by NIBSS in 2024 alone, the definition of capital has undergone a fundamental shift.

In 2026, ‘Character’ seems to have emerged as the most vital form of liquidity. In a market where digital fraud and systemic volatility can erode trust overnight, a bank’s commitment to regulatory compliance is no longer a ‘back-office’ function; it is the primary bridge that builds and sustains customer confidence.

This evolution is driven by a sophisticated web of regulations from the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC), which have moved from reactive policing to proactive architecture.

With the introduction of the Digital, Electronic, Online, or Non-traditional Consumer Lending Regulations 2025, the authorities have set a clear mandate: innovation must be tethered to integrity.

The current regulatory landscape is defined by milestones that signal a maturing ecosystem. Nigeria’s successful exit from the FATF ‘grey list’ in October 2025 served as a global validation of the country’s strengthened Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) frameworks.

The mandatory integration of the Bank Verification Number (BVN) and National Identification Number (NIN) has become the ‘digital DNA’ of banking.

This has not only reduced identity fraud which saw a significant decrease from ₦52.26 billion in 2024 to ₦25.85 billion in 2025 according to the Nigeria Inter-Bank Settlement System NIBSS, but has also provided a secure pathway for 74% of the population to enter the formal financial system.

Additionally, the CBN’s 2024–2026 recapitalisation drive, requiring minimum capital thresholds of up to ₦500 billion for international banks, ensures that ‘character’ is backed by the resilience to withstand economic shocks, effectively mandating that only the most robust and compliant players remain at the table.

As of January 2026, the Nigeria’s Securities and Exchange Commission (SEC) has also significantly increased the minimum capital requirements (MCR) for fintechs and digital asset operators, with compliance required by June 30, 2027.

Key thresholds include ₦100 million for Robo-Advisers (up from ₦10m), ₦200 million for Crowdfunding Intermediaries (up from ₦100m), and ₦2 billion for Digital Asset Exchanges (DAX).

At FairMoney MFB, compliance is far more than a regulatory check box, it is the bedrock of our operational integrity and strategic growth. We have engineered a proactive compliance architecture that reaches every level of our organisation, ensuring that we remain with the highest industry standards.

By embedding rigorous oversight, ethical governance, and transparent reporting into our core DNA, we have cultivated a foundation of trust that serves as a vital bridge between our organisation and key government stakeholders.

For forward-thinking institutions, compliance is being rebranded as a competitive advantage. In the digital space, where customers cannot visit a branch to demand answers, the ‘seal of approval’ from regulators acts as a proxy for safety.

This is where the concept of Character-as-Capital becomes most visible. By maintaining a strict adherence to responsible debt recovery practices and strictly adhering to the Nigeria Data Protection Act (NDPA), Institutions such as FairMoney MFB demonstrate how compliance-led models can support responsible digital lending.

FairMoney’s adherence to the FCCPC’s Digital Lending Guidelines and its proactive stance on product transparency – clearly stating all interest rates and fees upfront – exemplifies how compliance can be used to build a ‘predictability model’ for the consumer. When a bank follows the rules even when it is more expensive to do so, it builds a reservoir of goodwill that serves as a moat against more aggressive, less ethical competitors.

The shift toward a compliance-first culture is yielding a tangible ‘Trust Dividend’. In late 2025, FairMoney’s national scale long-term issuer rating was upgraded from BBB(NG) to BBB+(NG) by Global Credit Rating (GCR), and its short-term rating from A3(NG) to A2(NG).

Internal audited records show that in FY2025 FairMoney disbursed over ₦250 billion in loans and paid out over ₦7 billion in interest to savers, proving its ability to return value to a customer base that views the platform as a trusted platform for savings and credit services.

Between 2021 and 2024, FairMoney saw a significant growth in its customer deposit base. This growth has facilitated a reduced cost of funds; because users trust the bank’s CBN and NDIC-licensed status, FairMoney now funds over 56% of its loan book through customer deposits.

Recent data from the Nigerian Exchange Limited and banking industry suggests that as compliance improves, so does the velocity of money.

Total deposits in the Nigerian banking sector rose by 63% to ₦136 trillion by late 2024, a growth driven by a population that finally feels the digital financial infrastructure is safe enough to hold their life savings.

In the coming years, the winners in the Nigerian banking sector will not be those with the largest marketing budgets, but those with the strongest ethical spine. Compliance is the bridge that connects a sceptical populace to the digital economy.

It is the assurance that a customer’s data is private, their deposits are insured, and their treatment is fair. As we look toward 2030, Nigeria’s economic expansion will only be reachable if the banking sector continues to treat Character as its New Capital.

By embracing the rigorous demands of current regulations, financial institutions are not just following the law; they are investing in the most valuable asset any bank can own: the unshakeable confidence of its people.

The road ahead requires a commitment to transparency that transcends the app interface and penetrates the core of institutional culture.

The post Compliance is the New Currency of Nigerian Banking appeared first on Tech | Business | Economy.

With close to ten years of experience in digital finance, Bidemi has led Flashchange from idea to impact, with the Flashchange app now recognized for its fast, secure and user-friendly trading experience.

Currently launching a second product; a cross border payment platform, Bidemi is passionate about transforming Africa’s financial ecosystem.

Bidemi is an alumnus of Lagos Business school and Strathmore Business School where he has completed various executive programs. He also holds a bachelor’s degree from Obafemi Awolowo University.

In this interview with Techeconomy, he speaks on Nigeria’s crypto tax act, VASP licensing, and economic growth. Excerpt:

TE: With Nigeria processing an estimated $92.1bn in crypto transactions in a year, according to PwC, how can the industry help convert this scale of activity into measurable economic growth and national value?

Bidemi Oke: Transaction volume on its own does not create economic value, structure does. Nigeria can convert crypto activity into measurable value by formalizing the ecosystem through licensing, reporting standards and financial integration.

Once crypto flows through recognized, regulated channels, it becomes visible to policymakers, taxable where appropriate and capable of supporting employment, consumer protection and data-driven policy decisions.

The shift from informal participation to regulated participation is what turns scale into sustainable economic contribution.

TE: If crypto is fully integrated into Nigeria’s formal financial system, which sectors are likely to see the greatest economic impact?

Bidemi: If crypto is coherently integrated into Nigeria’s formal financial system, the benefit would ripple across multiple sectors. The most immediate gains would be seen in fintech, payments, SMEs and the broader digital economy. Crypto infrastructure reduces settlement friction, enables programmable finance and opens alternative funding pathways for businesses.

Capital markets would also benefit through asset tokenization and improved liquidity. Crucially, it is significant to know that secondary sectors such as cybersecurity, compliance, software engineering and digital infrastructure would expand in parallel, creating skilled employment and strengthening Nigeria’s technology backbone.

TE: How can Nigeria’s new Tax Act be applied to crypto in a way that boosts revenue without stifling innovation or driving the market underground?

Bidemi: From a market standpoint, the government’s objective should be to tax value creation, not participation. The government can balance revenue generation and innovation by taxing real value rather than every transaction. This means focusing on profits made by crypto businesses and gains realized by investors, rather than routine transfers or everyday users.

When tax rules are clear, proportional, and applied through licensed entities, compliance becomes simple and natural.

Usually, low entry barriers and predictable rates keeps innovation onshore, prevents activity from slipping back into informal channels and allows the government to grow sustainable revenue alongside a healthy, evolving market.

TE: Beyond taxation, what long-term economic benefits can crypto unlock for Nigeria?

Bidemi: Beyond revenue, crypto offers Nigeria a strategic opportunity to build human capital and exportable digital expertise. It supports high-skill job creation in blockchain engineering, cybersecurity, compliance, data analytics and financial education.

A regulated ecosystem will attract long-term foreign and diaspora investment into Nigerian platforms, helping retain local talent and reduce brain drain.

Over time, crypto would help improve efficiency in payments, trade settlement and digital commerce, thereby enhancing Nigeria’s competitiveness in the global digital economy.

TE: What concrete steps are currently being taken to license and regulate Virtual Asset Service Providers (VASPs) in Nigeria, and how critical is this to market confidence?

Bidemi: SEC has introduced structured VASP licensing frameworks, operational guidelines and sandbox initiatives covering exchanges, custodians and wallet providers. These frameworks were built to emphasize AML/KYC compliance, governance, risk management and capital adequacy.

This is a critical step because credible markets are built on trust. Licensing filters out systemic risk, establishes accountability and provides the regulatory certainty required for long-term market development.

TE: How will proper licensing help protect consumers while also attracting institutional and foreign investment into Nigeria’s crypto ecosystem?

Bidemi: Proper licensing protects consumers by enforcing minimum standards for custody, security, transparency and operational conduct, while providing clear legal recourse.

For institutional and foreign investors, licensing is a signal of regulatory seriousness and market stability. This automatically transforms Nigeria from a high-participation crypto market into an investable one, capable of supporting institutional liquidity, global partnerships and long-term infrastructure investment that benefits the entire system.

TE: What lessons can Nigeria learn from other countries that have successfully regulated crypto?

Bidemi: Jurisdictions such as the UAE, Singapore, and Switzerland demonstrate that crypto regulation works best when it is clear, adaptive and economically intentional. These countries began with foundational rules, engaged closely with industry participants and refined their frameworks as the market matured.

The core lesson from this is that regulation should evolve with innovation and not trail behind it or attempt to suppress it.

Nigeria does not need to replicate any model wholesale, instead, we need a locally grounded framework that aligns with global standards while reflecting domestic realities

The post Flashchange Founder Bidemi Oke on Nigeria’s Crypto Tax Act, VASP Licensing, and Economic Growth appeared first on Tech | Business | Economy.

The Memorandum of Understanding was signed at the Africa Credit Expo (ACE) 2025 by Dr Jameelah Sharrieff-Ayedun, MD/CEO of CreditRegistry, and Mrs Maureen Mba, head of the MANSA Digital Initiative at Afreximbank.

The agreement links Nigeria’s pioneering credit bureau with MANSA, Afreximbank’s flagship due diligence platform under the Africa Trade Gateway, a digital ecosystem created to unlock intra-African trade.

MANSA acts as a single trusted source of KYC and compliance data for businesses, banks and SMEs, helping firms prove their credibility in both regional and global markets. 

During the signing, Mrs Mba noted MANSA’s purpose: “deepen cross-border trust and equip African businesses with the credibility and confidence that they need to thrive in global trade.”

Both institutions say the collaboration will help African businesses gain visibility and credibility in regional and global markets. They describe the partnership as a joint initiative aimed at closing long-standing gaps in identity, verification and financial literacy across the continent.

Under the partnership, CreditRegistry and Afreximbank will onboard thousands of African businesses onto the MANSA platform. They will also deliver financial literacy and compliance training to MSMEs, build capacity for responsible borrowing, and create a more transparent environment for cross-border transactions. 

The institutions say this will make more African enterprises “visible, credible and bankable.”

The signing also highlighted CreditRegistry’s long history in enhancing Nigeria’s credit infrastructure. Dr Sharrieff-Ayedun recalled how millions of Africans had long faced blocked opportunities due to the lack of verifiable credit history. 

That changed when CreditRegistry established Nigeria’s first credit bureau, an effort that later introduced biometric technology into credit reporting and helped pave the way for the Bank Verification Number system.

Over the years, the organisation supported several initiatives to expand financial literacy. These include the Africa Consumer Credit Academy and public awareness programmes that reached more than a million Nigerians. 

Last year alone, the group completed 73 webinars and in-person sessions sponsored by industry partners. The company has also launched youth-focused initiatives, such as Project Launchpad, designed to guide young Africans towards financial independence.

Another ongoing initiative, “On The Streets: Naija Tours,” captures real voices and personal stories about the meaning of credit, financial struggles and the desire for better opportunities. 

These programmes, the organisers said, align with the everyday realities of young Africans, many of whom are ambitious but lack guidance and access to credit tools.

The Africa Credit Expo itself has evolved into a regional point of convergence, bringing together regulators, innovators and more than 90 stakeholders from across the continent. Its mission is to connect, empower and ensure trust in Africa’s financial systems.

CreditRegistry and Afreximbank aim to enhance that mission. Their shared commitment, they said, is to strengthen the backbone of Africa’s financial ecosystem and push the continent closer to a self-sustaining future where businesses can trade with confidence across borders.

The post CreditRegistry, MANSA Seal MoU to Strengthen Cross-Border Trust, Boost Credit Access for African Businesses appeared first on Tech | Business | Economy.

This call was made at the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in Lagos on 28 February 2025. Organised in collaboration with Citi, the event gathered compliance officers, trade operations specialists, and correspondent banking teams to discuss emerging financial risks and regulatory expectations.

Shola Phillips, special adviser to the CBN Governor on Compliance, stressed that Nigerian banks must adhere to evolving international compliance standards to maintain credibility and sustain correspondent banking relationships. 

“Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment. Proactive engagement with regulatory developments and the integration of innovative compliance solutions is essential for institutions to meet these expectations effectively,” she stated.

Phillips warned that failure to strengthen compliance frameworks could lead to repercussions from international financial institutions, limiting Nigerian banks’ access to global banking networks.

At the workshop, global financial experts noted the importance of rigorous compliance measures in mitigating financial risks.

Siobhan Ni Ealaithe, managing director of Citi’s Correspondent Banking Group, spoke on the role of governance structures in preventing illicit financial activities. She noted that compliance protocols such as Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) were critical in enhancing financial transparency.

Stephanie Bailey, head of EMEA AML Risk Management for Foreign Correspondent Banking, revealed that an estimated $3 trillion in illicit funds flow through the global financial system annually. 

She urged Nigerian banks to adopt advanced due diligence processes and technology-driven risk assessments to stay ahead of financial crime threats.

The Central Bank of Nigeria reaffirmed its determination to uphold strict regulatory standards to protect Nigeria’s financial ecosystem. Governor Olayemi Cardoso, in a statement, stressed that regulatory compliance is fundamental to maintaining trust and stability in the financial sector. 

“A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices,” he said.

As part of its work to strengthen oversight, the apex bank is intensifying supervision, deploying digital monitoring tools, and ensuring that Nigerian banks adopt proactive compliance strategies.

The post CBN Demands Stronger Compliance as $3 Trillion in Illicit Funds Threaten Global Financial Stability appeared first on Tech | Business | Economy.

“We are excited to welcome Oluwadamilola Ojomo to Tizeti,” said Kendall Ananyi, founder and chief executive officer at Tizeti. “Her extensive expertise in financial risk management and compliance will be invaluable as we continue to scale our operations and deliver innovative and affordable broadband solutions across West Africa.”

Oluwadamilola brings over 15 years of experience spanning   diverse industries, including banking (Oceanic Bank Plc.), consulting (PricewaterhouseCoopers), regulatory oversight (Securities and Exchange Commission), and commodities exchange (AFEX Plc.).

A member of the Association of Chartered Certified Accountants (ACCA), she  possesses deep expertise in navigating complex financial landscapes and driving organizational success through robust governance frameworks.

At Tizeti, Ojomo will oversee all aspects of Risk Management, including  Financial RIsk, Compliance, and Audit.

This appointment comes on the heels of Tizeti’s launch of its next-generation fiber broadband service in Nigeria and Ghana, marking a significant milestone in regional connectivity.

The service, now available in Lagos, Port Harcourt, and Accra, delivers lightning-fast speeds exceeding 1Gbps, well above the regional average of 28 Mbps.

Tizeti plans to extend the service to more cities within the next year, with free installation and a complimentary first-month subscription offered to new users.

“Fiber is the next generation of internet technology, offering unmatched speed and reliability,” Ananyi said. “Our advanced fiber infrastructure delivers speeds 50 times faster than current offerings and 10 times faster than 5G or LEO satellite services. This innovation transforms online experiences, enabling seamless streaming, ultra-fast downloads, and improved digital interactions.”

Tizeti’s expansion and leadership appointments reflect its commitment to bridging Africa’s digital divide and delivering cutting-edge broadband solutions to underserved markets in the region.

The post Tizeti appoints Oluwadamilola Ojomo as VP for Financial Risk, Compliance, and Audit appeared first on Tech | Business | Economy.

This funding round, led by Rally Cap alongside contributions from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and angel investors, will allow the company to expand its workforce, particularly in sales, engineering, and customer support. 

Additionally, Regfyl plans to develop a supply chain compliance tool to further its offerings.

Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has quickly gained traction, offering businesses across various industries a comprehensive solution for customer onboarding, transaction monitoring, and regulatory reporting. 

Financial institutions, in particular, benefit from its tools, designed to simplify filing with regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission.

Regfyl’s pricing model includes an annual subscription fee of ₦2 million (approximately $1,220), with additional per-use charges based on the number of customers a business screens or monitors. 

The company’s current clientele includes players like Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, with over 20 businesses already utilising its services.

While the financial technology space in Nigeria is competitive, Regfyl sets itself apart by offering a unified compliance solution.

Unlike competitors such as SmileID, Dojah, and Youverify, which focus on specific aspects of compliance like Know Your Customer (KYC), Regfyl covers the entire compliance journey—from onboarding to transaction monitoring and regulatory filing. 

This all-in-one approach is designed to meet the growing demand for efficiency and trust in the financial services sector.

With the growing prevalence of financial fraud in Nigeria, where banks reportedly lost $25.7 million to fraud in Q2 2024 alone, Regfyl is working to help institutions reduce these losses. 

In offering a platform that integrates security, regulatory compliance, and fraud detection, the startup aims to support businesses in managing the complexities of financial regulation and maintaining trust.

Regfyl also aims to extend its compliance solutions to sectors like gaming, e-commerce, and supply chain management, with the goal of becoming the leading operating system for trust across Africa.

Co-founder Tunde Ibidapo-Obe noted the importance of building trust in the digital economy, “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”

The post Regfyl Raises $1.1 Million to Expand Unified Compliance Platform Across Africa appeared first on Tech | Business | Economy.