Flutterwave, Paga CEOs hail FATF exit as increase for cross-border funds 

CEOs of main fintechs in Nigeria, together with Flutterwave and Paga, have hailed Nigeria’s elimination from the Monetary Motion Job Pressure (FATF) gray listing, calling it a transformative second for the nation’s monetary credibility and international funding outlook.

The FATF introduced on Friday that Nigeria, alongside South Africa, Burkina Faso, and Mozambique, had been delisted following vital reforms to fight cash laundering and terrorist financing.

The transfer ends almost three years of elevated scrutiny and alerts renewed confidence in Nigeria’s monetary governance.

Operational and financial impression

Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, emphasised the operational and financial impression of the delisting:

“Nigeria’s exit from the FATF Gray Listing is an enormous win for our economic system. Flutterwave is Africa’s most licensed non-bank monetary establishment with 50+ licenses and an enormous funding in protecting compliance on the highest requirements. This gray itemizing made cross-border funds and settlements more durable and dearer. 

“This delisting restores confidence, lowers remittance and cross-border prices, and unlocks sooner, cheaper funds to and from Nigeria. Nicely executed to the Central Bank of Nigeria, the Ministry of Finance, and everybody who made this occur. A robust sign that Nigeria is again on the trail of belief, transparency, and monetary management.” 

Tayo Oviosu, CEO of Paga, echoed the sentiment, highlighting the broader financial implications:

“The most effective information, guys… Nigeria is off the FATF gray listing! Congrats to everybody at NFIU, CBN, and your complete monetary trade. We labored exhausting to get right here. 
It is a huge deal as a result of it opens up the nation for FDI and engagement from the West, particularly.”

Different stakeholders too

Past fintech, different stakeholders additionally expressed optimism. Olusegun Onigbinde, Co-founder of BudgIT, described the event as “superb information,” commending the efforts of the Nigerian Monetary Intelligence Unit (NFIU) and civil society organizations.

Authorities officers have additionally weighed in. Minister of Interior, Olubunmi Tunji-Ojo, said:

“This vital improvement reinforces confidence in Nigeria’s economic system and validates the effectiveness of the federal government’s financial and monetary reforms. 
The delisting is anticipated to facilitate smoother cross-border transactions, improve capital flows and overseas direct funding whereas laying a stable basis for sustained financial development and job creation.”

The FATF’s resolution follows coordinated efforts by Nigerian establishments to strengthen compliance frameworks, enhance transparency, and align with international requirements. Analysts say the delisting will scale back compliance prices, enhance entry to worldwide finance, and speed up remittance flows—advantages which are particularly vital for fintech platforms and startups working throughout borders.

What it’s best to know 

South Africa and Nigeria had been added to the gray listing in February 2023, whereas Mozambique was added in October 2022, and Burkina Faso was initially designated in February 2021.

• Nigeria’s exit from the FATF gray listing represents a confidence increase for its monetary system and broader economic system.
• Being on the listing usually will increase the associated fee and complexity of cross-border transactions, as international monetary establishments impose tighter scrutiny and compliance checks.

With its elimination, Nigeria can anticipate smoother and cheaper worldwide transactions, together with remittance inflows that common round $20 billion yearly.