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Chief executives of leading Nigerian fintech firms, including Flutterwave and Paga, have commended Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a defining moment for the nation’s financial credibility, cross-border payments, and investment prospects.
The FATF, the global standard-setter for anti-money laundering (AML) and counter-terrorism financing (CFT), announced on Friday that Nigeria—alongside South Africa, Burkina Faso, and Mozambique—had been delisted after implementing major reforms to strengthen its financial systems.
The move ends nearly three years of increased international monitoring and signals renewed global confidence in Nigeria’s governance and compliance frameworks.
Operational and Economic Impact
Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, emphasized the transformative impact of the delisting on cross-border transactions and Nigeria’s economic reputation.
“Nigeria’s exit from the FATF Grey List is a massive win for our economy,” Agboola stated. “Flutterwave, as Africa’s most licensed non-bank financial institution with over 50 regulatory approvals, has consistently maintained world-class compliance standards. The grey listing made cross-border payments and settlements more complex and expensive. This delisting restores global confidence, reduces remittance and transaction costs, and enables faster, more affordable payments to and from Nigeria.”
He commended the Central Bank of Nigeria (CBN), the Ministry of Finance, and all key stakeholders for their efforts, adding that the development sends a “strong signal that Nigeria is back on the path of trust, transparency, and financial leadership.”
Similarly, Tayo Oviosu, CEO of Paga, hailed the announcement as a major boost for foreign investment and economic engagement.
“The best news, guys… Nigeria is off the FATF grey list! Congrats to everyone at NFIU, CBN, and across the financial sector. This is a big deal because it opens up Nigeria for foreign direct investment and greater engagement from international partners,” Oviosu remarked.
Broader Industry Optimism
Beyond the fintech sector, other stakeholders also lauded the achievement. Olusegun Onigbinde, Co-founder of BudgIT, described the delisting as “very good news,” applauding the efforts of the Nigerian Financial Intelligence Unit (NFIU)and civil society organizations in strengthening the nation’s financial transparency.
Government officials echoed similar sentiments. Minister of Interior, Olubunmi Tunji-Ojo, said the development validates the effectiveness of Nigeria’s ongoing economic and monetary reforms.
“This significant milestone reinforces confidence in Nigeria’s economy. It will facilitate smoother cross-border transactions, attract more capital inflows and foreign direct investments, and lay the groundwork for sustainable growth and job creation,” Tunji-Ojo stated.
Restoring Confidence and Enabling Growth
Nigeria’s removal from the FATF grey list follows sustained collaboration among key national institutions to enhance compliance, improve data transparency, and align with global financial standards.
Analysts note that the delisting will significantly reduce compliance burdens, improve access to international financing, and accelerate remittance inflows—benefits that are particularly crucial for fintech platforms and startups operating across multiple jurisdictions.
With renewed global confidence, Nigeria’s fintech ecosystem stands poised for a new phase of expansion, innovation, and international collaboration, reinforcing the country’s role as a financial hub in Africa.
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