Central Bank of Nigeria Launches VASP Regulatory Pilot
Analysis based on 8 articles · First reported Apr 01, 2026 · Last updated Apr 02, 2026
The Nigeria===Central Bank of Nigeria's pilot program for Virtual Asset Service Providers is expected to increase regulatory clarity and compliance standards within Nigeria's digital financial sector. This could lead to greater investor confidence and potentially foster more stable growth for entities like Flutterwave and Paystack, while also ensuring stronger anti-money laundering measures.
The Nigeria===Central Bank of Nigeria (CBN) has launched a pilot supervision program for Virtual Asset Service Providers (VASPs) to enhance oversight of anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) risks. This initiative, announced on March 31, 2026, aligns with existing Nigerian laws and international standards like the Financial Action Task Force (FATF) Recommendations 15 and 16. The program involves a select group of VASPs, including Flutterwave, Paystack, KuCoin, KoinKoin, Juicyway, and CNGN, who are required to submit monthly supervisory KPIs, engage with the Nigeria===Central Bank of Nigeria and the Nigeria===Nigeria Financial Intelligence Unit, and undergo reviews of their governance, customer onboarding, transaction monitoring, and cross-border activities. The Nigeria===Central Bank of Nigeria clarified that participation does not confer licensing or regulatory approval but aims to deepen understanding of virtual asset operations and improve compliance standards.
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