Fintech

Top fintech leaders in Nigeria, including Olugbenga Agboola, CEO of Flutterwave, and Tayo Oviosu, CEO of Paga, have hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a pivotal step for financial credibility, global investment, and cross-border payment efficiency.

The FATF announced on Friday that Nigeria, South Africa, Burkina Faso, and Mozambique have been removed from its grey list following major reforms in anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.

The decision ends nearly three years of heightened monitoring, signaling renewed international confidence in Nigeria’s financial system and regulatory standards.

A Game-Changer for Payments and Trade

Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, praised the milestone as a major breakthrough for Nigeria’s financial ecosystem.

“Nigeria’s exit from the FATF Grey List is a massive win for our economy,” Agboola said. “Flutterwave, as Africa’s most licensed non-bank financial institution with over 50 licenses, has invested heavily in compliance and governance.

This grey listing made cross-border payments harder and more expensive. Now, this delisting restores confidence, lowers remittance and transaction costs, and unlocks faster, cheaper payments to and from Nigeria. It’s a strong signal that Nigeria is back on the path of trust, transparency, and financial leadership.”

Similarly, Tayo Oviosu, CEO of Paga, celebrated the development as a turning point for investment and innovation.

“The best news, guys—Nigeria is off the FATF grey list! Congrats to everyone at NFIU, CBN, and across the financial industry,” Oviosu said.
“This is a big deal because it reopens Nigeria to foreign direct investment and stronger engagement from the West. We worked hard to get here, and this will accelerate growth for fintechs and the wider economy.”

Wider Industry and Government Reactions

Civil society and government leaders have also applauded the development.
Olusegun Onigbinde, Co-founder of BudgIT, described the delisting as “very good news,” commending the Nigerian Financial Intelligence Unit (NFIU) and regulatory bodies for their coordinated reforms.

Minister of Interior, Olubunmi Tunji-Ojo, said the move reflects the success of ongoing economic reforms:

“This milestone reinforces confidence in Nigeria’s economy and validates the effectiveness of the government’s financial policies. It will ease cross-border transactions, attract foreign investment, and create jobs.”

Stronger Compliance, Brighter Outlook

The FATF’s decision follows two years of collaborative reforms by institutions such as the Central Bank of Nigeria (CBN), NFIU, Ministry of Finance, and the Economic and Financial Crimes Commission (EFCC).
These reforms strengthened oversight, improved transparency, and enhanced data sharing across financial channels, particularly within the fintech and remittance sectors.

Analysts say the delisting will reduce compliance costs, improve access to global capital, and accelerate remittance inflows—benefits crucial for Nigeria’s $20 billion annual remittance market.

What to Know

• Nigeria and South Africa were added to the FATF grey list in February 2023.

• Mozambique joined in October 2022, and Burkina Faso in February 2021.

• Grey listing typically increases transaction costs and delays due to stricter global scrutiny.

• Nigeria’s removal now positions it for smoother, faster, and cheaper cross-border financial transactions, boosting investor confidence and strengthening fintech growth across the continent.

As Africa’s real estate industry races toward a projected $17 trillion market value, fintech innovations are emerging as a crucial force in reshaping how property transactions are conducted across the continent.

In an exclusive interview with Nairametrics, Olayinka Olamilehin, Founder and CEO of Virety, explained that financial technology and immersive digital tools are redefining trust, transparency, and accessibility in the housing and rental market.

Building trust through technology

Olamilehin noted that most real estate transactions in Africa are still dominated by manual and cash-based systems, which often result in fraud, substandard service delivery, and poor accountability.

To address this, new digital platforms now integrate fintech-powered escrow systems that hold payments until tenants confirm that property owners or hosts have fulfilled their obligations.

“We can withhold payments until the host delivers the agreed service. If guests are dissatisfied, we investigate before releasing funds. This accountability structure builds confidence and reduces fraud,” Olamilehin explained.

He added that such systems are essential for creating trust-based digital property ecosystems, preventing misuse of funds, and protecting both landlords and tenants.

Enhancing affordability and access

According to Olamilehin, rising property prices across African cities have outpaced income growth, making affordability a pressing concern. He emphasized that technology—through digital verification, virtual reality tours, and geospatial data—can cut transaction costs and help users make more informed housing decisions.

“With immersive 360° virtual tours, people can view properties remotely, save travel time, and make smarter decisions. It’s about maximizing value and precision while reducing the cost of searching,” he said.

Fintech’s growing role in Africa’s property economy

The Virety CEO believes fintech will be central to the next phase of Africa’s real estate evolution, enabling seamless cross-border transactions and instant digital payments.
He also predicted that stablecoins and digital currencies will gain ground in property payments, particularly among younger, tech-savvy property owners.

“Digital currencies may not replace cash immediately, but they’ll become a valid payment option—especially for early adopters in the property space,” he said.

Data protection and regulation

On data privacy, Olamilehin emphasized that digital housing platforms must strictly comply with privacy laws and use licensed service providers.

“At Virety, we only collect data necessary for operations, and always with user consent,” he said, stressing the importance of regulatory oversight to foster public confidence.

A $17 trillion opportunity

Citing recent projections, Olamilehin revealed that Africa’s real estate market is expected to grow from $17.64 trillion in 2025 to $22 trillion by 2029, driven by rapid urbanization and population growth.

He explained that over 75% of this value lies in residential housing, which demands greater precision, transparency, and smarter decision-making tools.

Bridging the housing gap through private sector innovation

Olamilehin also called for stronger collaboration between the government and private developers to speed up affordable housing delivery. He criticized the slow pace of public housing programs and urged private players to invest in low- and middle-income housing instead of focusing solely on luxury projects.

“The slower the delivery, the more complex the problem becomes due to population growth. The private sector must help bridge this gap sustainably,” he warned.

Infrastructure and insight

While infrastructure remains a major challenge for the physical real estate market, Olamilehin said digital platforms can provide data-driven insights to help policymakers identify investment priorities.

“The digital housing market’s advantage is access to data. This can guide governments in planning and executing infrastructure development more effectively,” he noted.

Looking ahead

With Africa’s urban population expected to double by 2050, Olamilehin believes that the continent’s real estate future will be defined by the fusion of fintech, geospatial data, and immersive technology.

“Africa’s housing crisis isn’t just about supply—it’s about trust and access. Millions still find homes through guesswork and misinformation. Digital platforms will change that by bringing transparency, accountability, and inclusivity to the market,” he concluded.

President Bola Ahmed Tinubu has announced that the Economic and Financial Crimes Commission (EFCC) recovered over ₦500 billion and secured more than 7,000 convictions within the first two years of his administration.

Tinubu made the disclosure during his keynote address at the 7th EFCC–National Judicial Institute (NJI) Capacity Building Workshop for Justices and Judges, held on October 20, 2025, in Abuja. The event, themed “Enhancing Justice in the Fight Against Economic and Financial Crimes,” focused on strengthening collaboration between the judiciary and anti-corruption agencies.

Represented by Vice President Kashim Shettima, the President commended EFCC Chairman Ola Olukoyede for his leadership and results-driven approach. He said the achievements reflect his administration’s efforts to promote transparency, accountability, and independence in Nigeria’s anti-corruption institutions.

“We have prioritized public accountability by empowering anti-corruption agencies and granting them the independence needed to perform their duties effectively,” Tinubu said. “The EFCC, for instance, has secured over 7,000 convictions and recovered assets exceeding ₦500 billion in the past two years. These recovered funds are being reinvested into the economy to support critical programs such as the Students’ Loan Scheme and the Consumer Credit initiative.”

Strengthening the anti-corruption framework

Tinubu emphasized that the judiciary remains central to the success of Nigeria’s anti-corruption efforts. He urged judicial officers to remain firm, fair, and independent in adjudicating financial crime cases.

“A Nigeria free of corruption is achievable if we all do what is right within our spheres of influence,” he said. “A strong, impartial judiciary is vital for sustaining the progress we’ve made in fighting corruption. No one, including judges, is immune to the consequences of corruption.”

He further called for collaboration between all branches of government to create a more effective and unified anti-corruption framework that promotes peace, stability, and development.

EFCC Chairman highlights judiciary’s role

In his remarks, EFCC Chairman Ola Olukoyede acknowledged the judiciary as the cornerstone of Nigeria’s anti-graft fight, noting that its role in enforcing the rule of law ensures accountability and fairness.

Olukoyede highlighted the challenges posed by prolonged court processes, which often delay justice in high-profile corruption cases. He stressed the need for judicial efficiency and procedural reforms to sustain the EFCC’s momentum in combating financial crimes.

By the numbers

According to the EFCC’s latest performance report, the agency recovered ₦364.5 billion, $326.5 million, and other assets, while securing 4,111 convictions across various courts in a single year.

Public engagement also surged, with 15,724 petitions received and 12,928 investigations conducted, resulting in 5,081 cases filed in court—a 48% increase in filings and a 53% rise in convictions compared to 2023.

Recovered assets included over 750 luxury properties, parcels of land, vehicles, cryptocurrency wallets, and other high-value assets linked to financial crimes.

The EFCC has pledged to surpass its 2024 performance through greater professionalism, integrity, and inter-agency collaboration—further reinforcing the Tinubu administration’s anti-corruption agenda.

LemFi, the international payments platform serving over 2 million immigrants, has launched Send Now, Pay Later (SNPL) — an AI-driven remittance service that allows UK-based users to send money home instantly and pay later using a flexible credit line.

The new feature combines credit and remittance services, addressing one of the biggest challenges for immigrants — sending money home despite cash flow timing issues. Each year, immigrants in the UK remit nearly £10 billion, but many face delays when unexpected expenses arise or rely on high-cost credit providers.

Bridging Credit and Remittance

Powered by LemFi’s Ensemble AI model, SNPL evaluates a wide range of data — from credit bureaus and open banking records to users’ remittance histories — to determine credit eligibility and repayment terms.

“The concept of Buy Now, Pay Later has transformed retail,” said Ridwan Olalere, Co-founder and CEO of LemFi. “With Send Now, Pay Later, we’re bringing that same flexibility to remittances, ensuring that financial support for loved ones is never delayed by timing or cash flow issues.”

Through LemFi Credit, users can access credit lines between £300 and £1,000, even without a traditional UK credit history. The AI engine also recognizes international credit footprints and alternative financial data, allowing new immigrants to qualify for credit and gradually build their UK credit profile.

How It Works

Once approved, users can use their available credit to send funds to any of LemFi’s 30+ supported countries. Transfers are processed immediately, while repayment is deferred based on the user’s credit terms — offering both speed and flexibility.

By integrating AI-driven credit assessment, LemFi predicts affordability more accurately and minimizes bias in credit decisions, helping to close the “credit invisibility” gap that affects millions of immigrants.

Tackling Financial Exclusion

In the UK, about five million people are considered “credit invisible,” with immigrants disproportionately excluded from mainstream banking. According to research, nine in ten immigrants say credit access has become more difficult, while 13% remain entirely unbanked.

LemFi’s SNPL aims to bridge that divide by providing affordable access to credit-backed remittances — a lifeline for many families that depend on timely cross-border support.

Expansion Plans

After its UK debut, LemFi plans to roll out the SNPL feature in the United States, Canada, and Europe. The company already supports transactions to over 30 countries across Africa, Asia, Europe, and Latin America.

Earlier this year, LemFi raised $53 million in Series B funding, bringing total funding to $86 million from investors including Highland Europe, LeftLane Capital, Endeavor Capital, and Y Combinator.

For more information, visit www.lemfi.com.