Moniepoint, OPay, PalmPay responded to 2024 ban with better data collection and compliance

In 2024, Nigerian fintechs faced significant regulatory pressure, including fines and a six-week ban on onboarding new users due to compliance issues with anti-money laundering (AML) and fraud prevention standards. In response, leading fintechs revamped their operations, strengthening compliance measures and increasing data collection efforts to regain regulatory trust.

Their efforts…