---
title: "Nigeria Fintech Compliance Rules Stay After FATF Grey List"
description: "Nigeria exited the FATF grey list in October 2025, but CBN rules on BVN and NIN checks, remittances, crypto, and agents still shape fintech growth."
canonical_url: "https://liners.com/news/nigeria-fintech-cbn-rules-after-fatf-grey-list-exit"
markdown_url: "https://liners.com/news/nigeria-fintech-cbn-rules-after-fatf-grey-list-exit.md"
type: "article"
language: "en"
published_at: "2026-09-22T10:01:05.363Z"
updated_at: "2026-09-22T10:01:05.364Z"
---

# Nigeria Fintech Compliance Rules Stay After FATF Grey List

Nigeria exited the FATF grey list in October 2025, but CBN rules on BVN and NIN checks, remittances, crypto, and agents still shape fintech growth.

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## Content

## In Short
Nigeria’s fintech sector is still operating under tighter Central Bank of Nigeria rules, even after the country exited the FATF grey list in October 2025.

## What Happened
Nigeria’s fintech compliance reset accelerated after the Financial Action Task Force, FATF, put the country under increased monitoring in early 2023. The FATF grey list is a watchlist for countries with gaps in anti-money laundering controls, meaning weaker checks against dirty money and terrorist financing.

The Central Bank of Nigeria, CBN, rolled out several policy moves in about 18 months. In December 2023, it reversed the ban on banks providing accounts to crypto firms. But it also tightened onboarding and account verification.

Between 2023 and April 2024, banks and fintechs had to ensure customer accounts were tied to verified BVN or NIN. BVN is the Bank Verification Number, a biometric ID for banking. NIN is the national identity number. Accounts that failed verification risked being frozen, and this weakened “phone number only” signups that some neobanks used to grow.

The CBN also changed rules that affected remittances and foreign exchange flows. In early 2024, fintechs were excluded from direct IMTO licensing in that period, and foreign currency remittance payouts were restricted. IMTO means International Money Transfer Operator, a licensed remittance provider.

The regulator also moved against parts of the crypto market, including restrictions on peer to peer, P2P, crypto trading activity. P2P is when users trade directly with each other instead of through an exchange.

In addition, large consumer fintechs faced temporary onboarding freezes, and PoS agents were pushed to register as formal businesses. PoS means point of sale, the terminals used by agent networks for cash-in and cash-out.

In 2025, the pace of new fintech-specific policy announcements appeared to slow. Nigeria completed a 19 point FATF action plan and exited the grey list on October 24, 2025. Still, many CBN rules introduced during the compliance sprint remain in effect.

## Why It Matters
For fintech operators, the key takeaway is that Nigeria’s “grey list exit” did not reset the rulebook. Compliance expectations now look closer to bank-style oversight, especially on identity verification, agent networks, remittances, and crypto rails.

For investors and founders, it raises costs and lengthens go to market timelines. But it can also reduce fraud risk and make partnerships with banks and global payment firms easier, because controls are clearer.

The next phase to watch is how the CBN balances financial inclusion with stricter KYC, meaning know your customer checks. If rules stay tight, fintech growth may shift from fast onboarding to deeper products, better risk controls, and more sustainable customer retention.

## Sources and products

- [Condia](https://thecondia.com/fatf-cbn-fintech-regulation-nigeria)

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