eTranzact Plc has reinforced its commitment to compliance excellence during a high-level training session hosted in partnership with the Nigerian Financial Intelligence Unit (NFIU), in a clear demonstration of its institutional strength and regulatory foresight.
The session, facilitated by NFIU, spotlighted critical regulatory expectations—from Know Your Customer (KYC) protocols to transparency in Ultimate Beneficial Ownership (UBO) and the timely reporting of suspicious transactions. These topics addressed operational gaps that have historically drawn international scrutiny and aimed to close compliance loopholes across the financial services ecosystem.
Designed to steer Other Financial Institutions (OFIs) toward full regulatory alignment, the intensive workshop brought together compliance officers, regulators, and key industry stakeholders. Discussions focused on evolving global trends in anti-money laundering (AML), counter-terrorism financing (CTF), and financial intelligence—supporting Nigeria’s ongoing efforts to exit the Financial Action Task Force (FATF) Grey List. This move is considered crucial in restoring global financial confidence and credibility.
Amid rising global scrutiny on data integrity and financial transparency, eTranzact seized the opportunity to underscore its proactive compliance posture. With secure, scalable systems and a strong internal governance framework, fintech continues to position itself as a resilient leader in Nigeria’s digital financial landscape.
Addressing staff and participants at the session, MD/CEO of eTranzact Plc, Niyi Toluwalope, made the company’s stance clear, saying, “Compliance is not an afterthought—it is woven into the very architecture of our operations.
As Nigeria works its way off the FATF Grey List, we see this not just as a national priority, but a shared responsibility that begins at the institutional level.”
For eTranzact, the timing was apt as the company has already advanced key upgrades across its compliance infrastructure, deploying an automated anti-money laundering (AML) transaction monitoring system and intensifying oversight on high-risk customers, including Politically Exposed Persons (PEPs).
Chief Risk and Compliance Officer eTranzact Plc, Edward Onyenweaku, emphasised the operational backbone behind these measures. “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. This training only sharpens that edge,” he stressed.
