By Sarah Itona

Aminat Ibraheem-Dakeje is a Nigerian legal practitioner with deep experience across corporate/commercial law, FinTech regulation, anti-money laundering (AML/CFT), and company secretarial practice. She is currently the Legal Manager at Tapass Technology Limited, where she oversees Day to Day management of legal affairs of the Nigerian, UK and US entities, including drafting and reviewing legal documentation (such as API Service Agreements, Merchant Service Agreements, SaaS and other tech-related agreements) for these entities. Excerpts.

You have worked extensively with startups and FinTech companies. Why is legal compliance such a critical issue for startups from day one?

Many startups focus almost entirely on product and growth, which is understandable. However, compliance is foundational. Early legal mistakes such as wrong licensing, weak governance, or poor AML controls, can stall growth, scare away investors, or even shut the business down. Compliance is not a blocker; it is an enabler that allows startups to scale sustainably and attract serious partners.

What are the most common compliance mistakes you see early-stage startups make in Nigeria?

One major mistake is operating without the correct regulatory licence or assuming that a “technology” label exempts them from regulation. Another is poor documentation including no proper contracts, policies, or governance framework. Many also underestimate data protection and AML obligations, which are increasingly enforced by regulators.

How can founders balance speed and innovation with regulatory requirements, especially in fast-moving sectors like FinTech?

The key is early engagement with competent legal and compliance advisers. When compliance is embedded into product design from the outset, it does not slow innovation. Instead, it reduces costly rework later. Founders should also see regulators as stakeholders, not adversaries, and maintain open, transparent engagement with them.

You have been involved in licensing and regulatory engagement for multiple companies. What should founders know before approaching regulators?

Founders must understand their business model clearly and be honest about how it works. Regulators value clarity and preparedness. Having proper documentation such as business plans, compliance frameworks, and governance structures, goes a long way. It also helps to engage professionals who understand regulatory expectations and processes.

AML and CFT compliance can feel overwhelming for startups. What practical advice would you give to founders?

Start simple but intentional. Develop a risk-based AML framework that fits your size and product. Train your team regularly, even if it is basic awareness training. As you grow, your AML controls should evolve. Ignoring AML obligations is no longer an option, especially for startups handling payments or customer funds.

You oversee legal and compliance functions across multiple jurisdictions. What additional challenges does cross-border expansion create for startups?

Cross-border expansion multiplies compliance complexity. Each jurisdiction has its own regulatory culture, licensing rules, and reporting obligations. Startups must avoid assuming that what works in Nigeria automatically works elsewhere. Proper structuring, local legal advice, and coordination are critical to avoiding regulatory breaches.

From your experience, how important is corporate governance for startups that want to attract investors?

Corporate governance is extremely important. Investors look beyond the product. They assess board structure, decision-making processes, and regulatory discipline. Good governance signals maturity and reduces perceived risk. Startups with strong governance frameworks often find fundraising smoother and faster.

You have worked closely with technical and non-technical founders. How does legal compliance differ for these two groups?

Technical founders sometimes underestimate regulatory issues, while non-technical founders may find them intimidating. In both cases, my role is to translate legal requirements into practical business actions. Compliance should be communicated in a way that aligns with the founder’s strengths and decision-making style.

How do you see regulation evolving in Nigeria’s startup and FinTech ecosystem over the next few years?

Regulation will become more structured and enforcement-driven. Regulators are learning quickly and are more open to innovation, but they also expect higher compliance standards. Startups that invest early in compliance will have a competitive advantage as the ecosystem matures.

What final advice would you give to founders building startups in regulated sectors today?

Do not treat legal compliance as an afterthought. Build it into your strategy from day one. Surround yourself with advisers who understand both law and business. When compliance is done right, it protects your vision, strengthens your credibility, and positions your startup for long-term success.