“They just show up and look at our books,”fintech executives reveal stricter CBN compliance checks

In a January 2024 letter, the CEO of one of Nigeria’s most prominent fintech startups told employees the company’s focus for the year would be ‘growth and compliance.’ For an industry focused on hypergrowth in the last five years, it marked a major shift in response to regulatory scrutiny and rising fraud concerns. 

After an April ban on onboarding new customers, the central bank…