They Just Show Up And Look At Our Books,fintech Executives Reveal Stricter Cbn Compliance Checks

In a January 2024 letter, the CEO of one of Nigerias most prominent fintech startups told employees the companys focus for the year would be growth and compliance. For an industry focused on hypergrowth in the last five years, it marked a major shift in response to regulatory scrutiny and rising fraud concerns.

After an April ban on onboarding new customers , the central bank increased the frequency of impromptu inspections on the offices of fintech companies. They just show up and go through our books looking for any anomaly, one person familiar with the matter told TechCabal.