Nigerian Financial Intelligence Unit (NFIU) in partnership with virtual asset industry stakeholders, Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) are making moves to fortify the nation’s anti-money laundering and counter-terrorism financing frameworks.
These moves are outcome of a 2-day workshop with the theme: “Building Effective AML/CFT/CPF Frameworks: Balancing Innovation and Integrity in Nigeria’s Virtual Assets and Fintech Ecosystem” hosted by NFIU with support for the other organisations in Abuja recently.
The workshop is aimed at bolstering Nigeria’s readiness for an upcoming evaluation by the Financial Action Task Force (FATF).
The event brought together regulators, industry operators and thought leaders to align Nigeria’s virtual asset and FinTech ecosystem with global best practices while fostering innovation
All participants at the workshop underscored the critical role that Virtual Asset Service Providers (VASPs) and FinTech companies play in ensuring compliance and transparency. NFIU and SEC officials provided detailed insights into FATF standards and Nigeria's regulatory expectations, while SiBAN reaffirmed its commitment to strengthening industry self-regulation.
The workshop included hands-on technical training led by the NFIU, which provided practical demonstrations on reporting obligations, the FATF Travel Rule, and the use of XML reporting platforms. This focus on capacity building and intelligence-sharing is a key resolution from the event, with all parties agreeing to institutionalize these trainings.
Also, SiBAN presented a compelling case for balancing innovation with compliance through self-regulation, advocating for deeper partnerships between the government and the private sector. Operators emphasized the importance of building trust with regulators through transparent reporting and high standards.
The workshop concluded with stakeholders committing to strengthening collaboration, institutionalizing regular capacity-building workshops, promoting intelligence-sharing, and encouraging ongoing policy dialogue to support economic growth and innovation alongside effective regulation.
This joint effort underscores a shared vision for a secure, trusted, and globally competitive virtual asset and FinTech sector in Nigeria, highlighting that robust partnerships are essential for the country's FATF readiness and the overall growth of a transparent financial ecosystem.
At SiBAN, we believe responsible innovation goes hand in hand with strong compliance and collaboration. If your organization is committed to building a transparent, trusted, and future-ready blockchain and digital asset ecosystem, now is the time to join us.
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Together, let’s shape Nigeria’s digital finance future with integrity, innovation, and global relevance.
