In 2024, Nigerian fintechs faced intense regulatory pressure, including fines and a six-week ban on onboarding new users due to compliance issues with anti-money laundering and fraud prevention standards. In response, fintechs revamped their operations, tightening compliance measures and enhancing data collection practices. With leadership changes at the Central Bank of Nigeria (CBN), the new regulatory stance has been more supportive, allowing fintechs to improve their lobbying efforts. Companies like PalmPay and Moniepoint have bolstered their fraud detection tools, while ethical hackers and updated security features have strengthened their platforms. Despite some user complaints, the fintechs’ efforts have earned a more favorable reception from regulators.
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