Abdulwahab Isa 
Cbn: Balancing Fintech Innovation With Stability
The Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso has said the removal of Nigeria from Financial Action Task Force’s (FATF) grey list, is a strong affirmation of CBN reform trajectory and the growing integrity of the country financial system.
FATF‘ decision, Cardoso affirmed reflected clear policy direction and coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms.
A statement issued on Saturday by the acting Director of Corporate communications of CBN Hakama Sidi Ali (Mrs.) quoted Cardoso saying:”
Our priority now is to consolidate these gains, ensuring that compliance, innovation, awry nd trust continue to advance hand in hand to reinforce financial stability and strengthen
Nigeria’s global credibility.”
The bank reaffirms it’s commitment to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards
financial stability and market integrity while advancing inclusive and sustainable economic
growth.
The FATF on Friday exited Nigeria from grey list of jurisdictions under increased monitoring, known as the “grey list”, following a successful on-site evaluation of reforms implemented across the financial system.
The FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing,
and proliferation financing.
The FATF’s decision follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including the CBN, the Federal Ministry
of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial
Crimes Commission (EFCC).
The CBN’s contribution centred on enhancing supervision, governance, and transparency across the financial system.
Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional
assessment body, included,strengthened oversight of financial institutions through updated AML/CFT regulations,
risk-based supervision, and fit-and-proper assessments; expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency; enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC and law-enforcement bodies.
Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.
In time, these gains will
translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange – enhancing livelihoods, supporting enterprise
growth, and deepening financial inclusion.
The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management. Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external
balances, credible policy execution, and renewed monetary-policy credibility.
Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater
transparency, and a reform agenda increasingly aligned with global standards.
