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Nigeria’s financial system is grappling with major compliance challenges, underscored by the revelation of over ₦3.4 trillion in financial infractions across federal Ministries, Departments, and Agencies (MDAs) in 2021. This alarming figure has intensified calls for robust compliance frameworks and improved regulatory oversight.
In a strategic move to address these institutional and governance gaps, the Senate Committee on Legislative Compliance is convening a two-day workshop titled “Consolidating Strategies for Strengthening Legislative Compliance by MDAs.” The workshop will unite lawmakers, regulatory authorities, and representatives from federal MDAs to tackle persistent issues around regulatory compliance, transparency, and inter-agency coordination.
Kuda Microfinance Bank, a key player in Nigeria’s digital banking space, is co-sponsoring the event. The bank’s involvement reflects its commitment to compliance management and responsible financial innovation. Rasaq Kadri, Head of Compliance at Kuda, is set to deliver a keynote speech, focusing on how fintech solutions can bridge compliance gaps while promoting financial inclusion and digital literacy.
“We can’t build trust-driven products in a trust-deficient environment,” said Kadri. “Fintechs bring both technological capabilities and ethical responsibility to enhance governance and foster transparency.”
The workshop aims to strengthen Nigeria’s regulatory compliance framework through dialogue, collaboration, and the implementation of best practices in compliance audits, internal controls, and regulatory enforcement. This initiative signals a unified effort to drive systemic reforms, enhance financial crime prevention, and foster trust across Nigeria’s financial ecosystem.
By promoting cross-sector partnerships and aligning fintech innovation with governance, the workshop marks a pivotal step towards a more resilient and accountable regulatory landscape in Nigeria.
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