Scaling with discipline may be the new playbook for Nigerian fintechs
- The Central Bank of Nigeria sanctioned several high-profile fintechs for compliance failures related to KYC and AML processes.
- Regulatory expectations have caught up with the scale of the fintech industry, marking the end of the grace period.
- Fintechs are now held to standards once reserved for traditional banks, including transaction monitoring and data protection.
The shift towards compliance and discipline in Africa's fintech sector is a necessary evolution that will ultimately strengthen the industry. As startups adapt to these new expectations, they will not only enhance their credibility but also contribute to a more resilient digital economy. However, ongoing challenges, particularly in identity infrastructure, must be addressed to fully realize this potential.
