Nigeria fintech sector advances through AI compliance and national payment schemes

In Nigeria, several fintech and payment initiatives are targeting modernization and financial inclusion. Pastel has partnered with FintechNGR to integrate artificial intelligence into regulatory compliance. This collaboration aims to automate anti-money laundering (AML) processes, customer onboarding, and transaction monitoring for fintech companies, reducing the costs and errors associated with manual systems.

Separately, Afrigopay Financial Services Limited, the operator of Nigeria’s national payment card scheme, AfriGO, is engaging with the National Association of Microfinance Banks (NAMB). During the NAMB Annual General Meeting in Abuja, officials highlighted how the AfriGO card can provide underserved and unbanked populations with secure access to the formal payment ecosystem while offering microfinance banks significant operational cost savings.