Central Bank of Nigeria (CBN) just launched its new supervision pilot programme for virtual asset. The supervision pilot programme focuses on Anti-Money Laundering. It also focuses on Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF). It involves a select group of Virtual Asset Service Providers (VASPs).
The pilot programme according to CBN is part of its risk-based supervisory programme. This supports the ongoing efforts of CBN to strengthen the country’s financial system. It also guarantees oversight of virtual asset-related activities.
The CBN also affirms that the programme doesn’t alter the existing regulatory framework governing virtual assets in the country. It does not replace or supersede the regulations of other competent authorities.
The CBN has invited some of Nigeria’s most visible fintech and crypto-focused service providers. These include cNGN, Flutterwave, Juicyway, KoinKoin, KuCoin, and Paystack. They are the first set of VASPs to be involved with the programme.
What You Must Know: CBN wants to understand AML/CFT/CPF risks, business models, and operational practices across the participating companies. Remember, in October 2025, Nigeria was removed from the FATF grey list. Moreso, the apex bank notes that the pilot programme is strictly supervisory. It doesn’t confer any regulatory status, approvals, licensing rights or authorizations on any of the participants.
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