Toluwalope made the call during a stakeholders’ engagement themed “Shaping the Future of Payments: Balancing Regulation and Innovation,” where he highlighted the structural gaps in Nigeria’s credit and identity ecosystem.

According to him, predatory lending continues to flourish because many Nigerians urgently need funds during emergencies and are forced to accept loans at exorbitant and unsustainable interest rates.

“The people making money are lending to those who desperately need it now. They take loans at impossible rates because they are desperate, and then they can’t meet up,” he said.

He stressed that Nigeria must deliberately build a system that allows people with regular and identifiable income, such as security guards, drivers, and other salary earners to access legitimate credit.

“Let’s create a system where anybody with regular, identifiable income can access credit, so that the emergency loan shark model naturally disintegrates,” Toluwalope said.

The eTranzact CEO described the Bank Verification Number (BVN) as Nigeria’s most reliable financial database, noting that it has matured over time and remains secure because it is closely tied to financial transactions.

“The BVN is a fantastic database. It’s matured, it’s secured, and because it’s tied to money, people pay attention to it,” he said.

However, he argued that Nigeria must go beyond BVN by strengthening and expanding the National Identification Number (NIN) framework to create a unified national identity system that links individuals to income and location.

Drawing a comparison with developed economies such as the United States, Toluwalope noted that credit systems thrive where financial footprints are fully traceable.

“In the US, your social security number, credit score, title, and everything you do are tracked across the 50 states. You can’t run anywhere; it will come up,” he explained.

Toluwalope also advocated for the tokenization of identity to eliminate repetitive Know Your Customer (KYC) processes across banks and financial institutions.

“Why do I have to submit the same KYC every time I open an account? Let’s tokenize identity and secure it with OTP,” he said.

He added that a system where identity data is updated automatically whenever changes occur would support credit cards, utilities, and other financial services, while strengthening trust, accountability, and financial inclusion in Nigeria.

eTranzact Plc is  Africa’s leading provider of mobile banking and payment services.

The high-level engagement, Techeconomy gathered, focused on strengthening collaboration between government and private sector stakeholders to enhance the efficiency of Nigeria’s Social Intervention Programmes (SIPs).

The meeting underscored the Federal Government’s commitment to leveraging technology-driven solutions to improve transparency, accountability, and delivery of humanitarian and poverty reduction initiatives.

By aligning with eTranzact Plc’s expertise in digital financial services, the Ministry aims to streamline programme implementation, ensure timely support for vulnerable populations, and reinforce Nigeria’s broader agenda of reducing poverty and promoting inclusive growth.

The session, facilitated by the NFIU, spotlighted critical regulatory expectations—from Know Your Customer (KYC) protocols to transparency in Ultimate Beneficial Ownership (UBO) and the timely reporting of suspicious transactions.

These topics addressed operational gaps that have historically drawn international scrutiny and aimed to close compliance loopholes across the financial services ecosystem.

Designed to steer Other Financial Institutions (OFIs) toward full regulatory alignment, the intensive workshop brought together compliance officers, regulators, and key industry stakeholders. Discussions focused on evolving global trends in anti-money laundering (AML), counter-terrorism financing (CTF), and financial intelligence—supporting Nigeria’s ongoing efforts to exit the Financial Action Task Force (FATF) Grey List.

This move is considered crucial in restoring global financial confidence and credibility.

Amid rising global scrutiny on data integrity and financial transparency, eTranzact seized the opportunity to underscore its proactive compliance posture.

With secure, scalable systems and a strong internal governance framework, the fintech continues to position itself as a resilient leader in Nigeria’s digital financial landscape.

Addressing staff and participants at the session, Niyi Toluwalope, MD/CEO eTranzact Plc, made the company’s stance clear:

“Compliance is not an afterthought—it is woven into the very architecture of our operations. As Nigeria works its way off the FATF Grey List, we see this not just as a national priority, but a shared responsibility that begins at the institutional level.”

For eTranzact, the timing was apt as the company has already advanced key upgrades across its compliance infrastructure, deploying an automated anti- money laundering (AML) transaction monitoring system and intensifying oversight on high-risk customers, including Politically Exposed Persons (PEPs).

Edward Onyenweaku, chief risk and compliance officer eTranzact Plc, emphasized the operational backbone behind these measures.

“Our systems are built for adaptability and scalability,” he explained. “We are leveraging both technology and policy to ensure that regulatory shifts don’t catch us off guard. This training only sharpens that edge,” he said

As Nigeria races to meet international anti-financial crime benchmarks, firms like eTranzact are proving that regulatory compliance and digital innovation can go hand in hand.

The fintech’s presence at the CBN-led training wasn’t just symbolic—it was an active statement that security, transparency, and

infrastructure agility are not optional in today’s financial environment. In an industry where reputations rise and fall with compliance lapses, eTranzact isn’t just staying afloat—It’s setting the pace, proving that in fintech, security isn’t an added layer. It’s the infrastructure itself.