CBN launches new Compliance Department to boost financial supervision, fight fraud, and tighten regulation of Nigeria’s banking ecosystem.
The Central Bank of Nigeria (CBN) has created a new Compliance Department, now operational from Q2 2025, to strengthen financial supervision and reduce fraud.
According to the CBN, the unit will oversee:
1. Financial crime (AML, CFT, sanctions)
2. Market conduct (disclosures, complaints)
3. Cybersecurity & data protection
4. Corporate governance & ESG
All reports in these areas must now go through the department. “This move will ensure stronger oversight of non-prudential risks,” said the CBN.
In July, CBN revealed fraud rose 45% in one year—70% via digital channels. Also, all payment operators must adopt ISO 20022 and geo-tagging by Oct 31, 2025.
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