FairMoney Enhances Compliance in Digital Banking Services

FairMoney Microfinance Bank is embedding regulatory compliance, data privacy, and consumer protection into the design and lifecycle of its financial products as Nigerian regulators enhance oversight of digital lending. James Edeh, Head of Compliance at FairMoney, stated that the bank's approach incorporates compliance, legal, risk management, data protection, and consumer protection from the product development stage through customer onboarding, service delivery, complaints resolution, and periodic review.

This strategy aligns with the Central Bank of Nigeria's Consumer Protection Regulations and the Federal Competition and Consumer Protection Commission's digital lending framework. The FCCPC resumed implementing these regulations in July 2026 after a Federal High Court ruling confirmed their validity.

Edeh explained that compliance officers bridge regulatory expectations and product development, ensuring customer protection is prioritized. He noted that compliance is involved from the initial stages of product development, including requirements for customer identification and verification processes.