CBN Enlists Paystack and Flutterwave in Groundbreaking Crypto Oversight Pilot

For years, Nigeria’s relationship with cryptocurrency was marked by rapid adoption and regulatory caution. Young entrepreneurs used digital assets to protect savings, pay freelancers, and conduct cross-border transfers. Regulators saw opacity and risk in these transactions. Now the Central Bank of Nigeria is moving from warnings to active oversight. It has launched a pilot program on anti-money laundering and counter-financing of terrorism. Paystack, Flutterwave, cNGN, Juicyway, KoinKoin, and KuCoin will submit compliance reports, undergo transaction reviews, and meet regularly with supervisors. This effort reflects the blurring lines between payment fintech and virtual assets. It aims to ensure that digital platforms can meet global standards, such as the Financial Action Task Force’s Travel Rule, as the market grows. The pilot also supports Nigeria’s exit from the FATF grey list and aligns with the 2025 Investment and Securities Act. By testing these companies under bank-style discipline, regulators seek to balance innovation, transparency, and security in the country’s booming crypto sector.

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