Abuja, Nigeria – The Central Bank of Nigeria (CBN) launched a pilot supervisory programme for Anti‑Money Laundering (AML), Counter‑Financing of Terrorism (CFT), and Counter‑Proliferation Financing (CPF) aimed at Virtual Asset Service Providers (VASPs), including Flutterwave and Paystack.
Announced on March 31, 2026, the risk‑based pilot seeks to strengthen oversight of virtual‑asset activities and align supervision with the Money Laundering (Prevention and Prohibition) Act 2022, the CBN Act, and BOFIA 2020.
Okay News reports the pilot will deepen the regulator’s understanding of VASP business models, AML/CFT/CPF risks, and operational practices while supporting participating firms to strengthen compliance frameworks. The programme emphasises adherence to FATF Recommendations 15 and 16, including the Travel Rule and proliferation‑financing controls.
Under the pilot, participating VASPs must submit monthly AML/CFT/CPF supervisory KPIs using a prescribed CBN template, engage in supervisory sessions with the CBN (and the NFIU where applicable), and undergo reviews of governance, customer onboarding, sanctions screening, transaction monitoring, and cross‑border activity controls. Firms are also expected to provide credible implementation plans for the FATF Travel Rule.
The first phase includes cNGN, Flutterwave, Juicyway, KoinKoin, KuCoin, and Paystack, with additional phases scheduled. The CBN clarified the pilot is supervisory only and does not confer regulatory status, licensing, or approval on participants. All supervisory data will be treated as confidential and handled in line with the Nigeria Data Protection Act 2023 and CBN confidentiality standards.
The initiative follows recent CBN measures requiring banks and regulated entities to deploy automated AML systems and the introduction of a mandatory Cybersecurity Self‑Assessment Tool (CSAT) to assess cyber resilience and third‑party risk controls. Regulators say the pilot will sharpen supervisory expectations, improve automated monitoring, and enhance cross‑border controls as virtual‑asset activity grows in Nigeria.
 launched a pilot supervisory programme for Anti‑Money Laundering (AML), Counter‑Financing of Terrorism (CFT), and Counter‑Proliferation Financing (CPF) aimed at Virtual Asset Service Providers (VASPs), including Flutterwave and Paystack.){kind=link}