eTranzact Plc has strengthened its commitment to regulatory compliance through a collaboration with the Nigerian Financial Intelligence Unit.

In a statement made available to our correspondent on Tuesday, this partnership focuses on addressing critical compliance gaps in Nigeria’s fintech sector, particularly in areas such as Know Your Customer, transparency in Ultimate Beneficial Ownership, and the reporting of suspicious transactions.

According to the statement, the collaboration kicked off with a high-level training session aimed at enhancing the compliance culture within the financial services ecosystem.

The session, facilitated by the NFIU, provided insights into evolving global trends in anti-money laundering, counter-terrorism financing, and financial intelligence, all in a bid to align Nigerian institutions with global regulatory standards.

It added that the workshop brought together compliance officers, regulators, and industry stakeholders, encouraging discussions on how to bring Other Financial Institutions into full regulatory alignment.

The initiative also ties into Nigeria’s broader goal of exiting the Financial Action Task Force Grey List, a move that will restore global financial confidence and credibility.

The Managing Director/Chief Executive Officer of eTranzact Plc, Niyi Toluwalope, emphasized the company’s commitment to building compliance into its core operations, stating, “Compliance is not an afterthought; it is woven into the very architecture of our operations.”

He added that the company has already made significant strides in upgrading its compliance infrastructure, including the deployment of an automated anti-money laundering transaction monitoring system and enhanced oversight on high-risk customers, including Politically Exposed Persons.

Also, the Chief Risk and Compliance Officer at eTranzact, Edward Onyenweaku, highlighted the firm’s focus on scalability, stating, “Our systems are built for adaptability and scalability. We are leveraging both technology and policy to ensure that regulatory shifts don’t catch us off guard.”

The PUNCH reported that the Managing Director/Chief Executive Officer of eTranzact International, Niyi Toluwalope, has called for collaboration to boost efficiency in the electronic payment sector.