eTranzact Plc has reaffirmed its commitment to regulatory compliance by partnering with the Nigerian Financial Intelligence Unit.
In a statement on Tuesday, this is collaboration aims to address key compliance challenges in Nigeria’s fintech sector, with a focus on improving Know Your Customer practices, ensuring transparency in Ultimate Beneficial Ownership, and enhancing the reporting of suspicious transactions.
According to the statement, the collaboration began with a high-level training session designed to foster a stronger compliance culture within the financial services ecosystem.
Led by the NFIU, the session offered valuable insights into global trends in anti-money laundering, counter-terrorism financing, and financial intelligence, aiming to align Nigerian institutions with international regulatory standards.
It added that the workshop brought together compliance officers, regulators, and industry stakeholders, encouraging discussions on how to bring Other Financial Institutions into full regulatory alignment.
The initiative also supports Nigeria’s broader objective of exiting the Financial Action Task Force Grey List, a move aimed at restoring global financial credibility and confidence.
The Managing Director/CEO of eTranzact Plc,Niyi Toluwalope, emphasized the company’s commitment to integrating compliance into its core operations, stating, “Compliance is not an afterthought; it is woven into the very architecture of our operations.”
He further stated that eTranzact has made substantial progress in enhancing its compliance infrastructure, including the implementation of an automated anti-money laundering transaction monitoring system and strengthened oversight on high-risk customers, such as Politically Exposed Persons.
Meanwhile, the Chief Risk and Compliance Officer at eTranzact, Edward Onyenweaku, emphasized the company’s focus on scalability, stating, “Our systems are built for adaptability and scalability. We are leveraging both technology and policy to ensure that regulatory shifts don’t catch us off guard.”
