By Elizabeth Adegbesan  

eTranzact Plc has partnered the Nigerian Financial Intelligence Unit (NFIU) to facilitate training to deepen compliance culture in the financial sector of the economy.  

The session, facilitated by the NFIU, spotlighted critical regulatory expectations from Know Your Customer (KYC) protocols to transparency in Ultimate Beneficial Ownership (UBO) and the timely reporting of suspicious transactions.  

These topics addressed operational gaps that have historically drawn international scrutiny and aimed to close compliance loopholes across the financial services ecosystem.

Designed to steer Other Financial Institutions (OFIs) toward full regulatory alignment, the intensive workshop brought together compliance officers, regulators, and key industry stakeholders. Discussions focused on evolving global trends in anti-money laundering (AML), counter-terrorism financing (CTF), and financial intelligence—supporting Nigeria’s ongoing efforts to exit the Financial Action Task Force (FATF) Grey List.  

The move was considered crucial in restoring global financial confidence and credibility.

Speaking at the Workshop, Niyi Toluwalope, Managing Director/Chief Executive Officer, eTranzact Plc, said: “Compliance is not an afterthought. It is woven into the very architecture of our operations.

“As Nigeria works its way off the FATF Grey List, we see this not just as a national priority, but a shared responsibility that begins at the institutional level.

“For eTranzact, the timing was apt as the company has already advanced key upgrades across its compliance infrastructure, deploying an automated anti-money laundering (AML) transaction monitoring system and intensifying oversight on high-risk customers, including Politically Exposed Persons (PEPs).”

On his part, the Chief Risk and Compliance Officer, eTranzact Plc, Edward Onyenweaku, emphasized the operational backbone behind these measures. “Our systems are built for adaptability and scalability. We are leveraging both technology and policy to ensure that regulatory shifts don’t catch us off guard. This training only sharpens that edge.”