Flutterwave, Paystack, and Juicyway join CBN initiative targeting AML/CFT/CPF compliance
The Central Bank of Nigeria (CBN) has selected Flutterwave, Paystack, and Juicyway for a new pilot programme (PDF) aimed at strengthening compliance in Nigeria’s evolving virtual asset ecosystem. Other participants include KuCoin, KoinKoin, and cNGN.
According to the CBN, the pilot is “designed to develop a structured understanding of AML/CFT/CPF risks, business models, and operational practices across participating entities.” The initiative signals a more structured regulatory approach to digital assets, as Nigeria continues to grapple with rising adoption and associated risks.
As part of the programme, the selected companies will receive support in strengthening their anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF) frameworks. This includes aligning with global standards such as Recommendations 15 and 16 of the Financial Action Task Force (FATF), which focus on managing risks from new technologies and ensuring transparency in digital transactions.
The CBN noted that this pilot is the first in a series of similar regulatory engagements, although participation is currently limited and not open to external applications. During the pilot, companies will undergo supervisory engagements with both the apex bank and the Nigerian Financial Intelligence Unit (NFIU), where necessary.
