Nigeria Tightens the Compliance Screws: NFIU's Intelligence-Sharing Push and CBN's Terrorism Financing Crackdown Hit Fintechs

The Nigerian Financial Intelligence Unit (NFIU) unveiled a proposed Joint Financial Intelligence Collaboration (JFIC) framework at a Lagos engagement backed by the British High Commission, requiring banks, fintech firms, and Virtual Asset Service Providers (VASPs) to actively share intelligence in the fight against money laundering and terrorist financing. NFIU General Counsel Felix Obiamalu urged participants to shape the framework, which brings regulators and private-sector...