Fintechs Gear up to Combat Fraud as CBN Issues Directive on Fraud Detection Solution

The Central Bank of Nigeria (CBN) has directed banks and fintechs to implement automated systems to detect suspicious transactions to strengthen anti-money laundering (AML) and financial crime controls in country’s rapidly growing digital payments sector. In a circular released on March 10, the apex bank established baseline requirements for AML, fighting terrorist financing, and countering

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