CBN Launches AML Supervision Pilot for Flutterwave, Paystack

On March 31, 2026, the Central Bank of Nigeria (CBN) announced the launch of a pilot program aimed at enhancing anti-money laundering (AML) supervision for virtual asset service providers (VASPs), including Flutterwave and Paystack. This initiative is part of CBN's ongoing efforts to strengthen the financial system's stability and oversight of virtual asset-related activities in accordance with the Money Laundering (Prevention and Prohibition) Act 2022 and the CBN Act.

The pilot program is designed to improve understanding of AML, counter-financing of terrorism (CFT), and counter-proliferation financing (CPF) risks across participating VASPs and to ensure compliance with the Financial Action Task Force (FATF) recommendations. The CBN clarified that participation in the pilot does not confer regulatory status or licensing rights to the entities involved.

The program will be conducted in multiple phases, with data submitted by participants treated confidentially under the Nigeria Data Protection Act 2023. Additionally, the CBN plans to introduce a mandatory cybersecurity self-assessment tool to bolster the resilience of Nigeria's banking sector against rising cyber threats.