COVERAGE

Nigerian-Centric Compliance Solutions

Reliable compliance solutions tailored to Nigeria’s regulatory framework, helping businesses meet local requirements, mitigate risks, and maintain smooth, secure operations.

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Who are the regulators in Nigeria?

Nigerian Financial Intelligence Unit (NFIU)

An autonomous unit within Nigeria’s Central Bank receiving and analysing STRs/CTRs, and disseminating financial intelligence to law-enforcement, regulatory, and supervisory agencies.

Central Bank of Nigeria (CBN)

Nigeria’s apex banking regulator that supervises banks, payment institutions and other financial services firms for AML/CFT/CPF compliance, applying a risk‑based supervisory approach across the financial sector.

Special Control Unit Against Money Laundering (SCUML)

Part of the Economic and Financial Crimes Commission (EFCC). SCUML, within EFCC, supervises, monitors and registers DNFBPs for compliance under the Money Laundering (Prevention & Prohibition) Act, 2022.

Who is regulated in Nigeria?

Financial Institutions (FIs)

Who are classified as FIs?

Banks
Non-Interest Banks
Payment Service Banks
Bureau De Change
Microfinance Banks
Fintech/Payment Service Providers

Designated Non-financial Businesses and Professions (DNFBPs)

Who are classified as DNFBPs?

Real Estate Agents
Dealers in precious metals and precious stones (DPMS)
Lawyers
Accountants

Expectations for regulated firms

Firms must apply a risk-based approach, conduct Customer Due Diligence (CDD), verify beneficial owners, monitor transactions, and file Suspicious Transaction Reports (STRs) with the NFIU under the EFCC. Enhanced Due Diligence (EDD) and specific sanctions compliance (terrorism, proliferation) are required, with obligations to freeze assets of designated persons.

AML/KYC Checklist for Nigeria

  • Verify identity of natural and legal persons, identify and verify beneficial owners.
  • Conduct risk profiling (PEPs, sanctions exposure, geography, business type)
  • Apply EDD for high‑risk clients, gather source of funds/wealth where required
  • Monitor ongoing relationships, keep records and file STRs; ensure sanctions screening and freezing of assets when required.

Supervision & Enforcement

The CBN supervises institutions for AML/CFT compliance through guidance, regulatory letters, and sanctions.

The EFCC/SCUML leads enforcement for non‑financial sectors and coordinates STR analysis, capacity‑building and sanctions against non‑compliant entities.

Supported ID documents from Nigeria

National ID

Idenfo can verify the National e-ID, the national identity card issued by the National Identity Management Commission, ensuring precise data matching and full compliance with Nigerian regulatory requirements and related identity verification standards.

Document Verification

  • Evaluates document quality by checking for glare or blur.
  • Identifies any signs of tampering or forgery within the document.
  • Confirms the authenticity of hologram prints.
  • Extracts key data using optical character recognition (OCR).

NFC Scanning

  • Reads data from the identity card's NFC chip.
  • Verifies the NFC chip data for integrity and authenticity.

Nigerian Passport

Idenfo verifies Nigerian passports issued by the Nigeria Immigration Service (NIS), confirming the holder’s name, date of birth, and contact details as part of Enhanced Due Diligence for KYC in Nigeria.

Document Verification

  • Evaluates document quality by detecting glare or blur.
  • Identifies potential tampering or forgery.
  • Verifies the document’s format for accuracy.
  • Cross-checks data against the MRZ code and hologram.

NFC Scanning

  • Reads data from the passport's NFC chip.
  • Verifies the NFC chip data for integrity and authenticity.

How it works

Document Capture

Scan and extract key identity details from official documents.

Liveness Check

Ensure the person is real and matches their verified ID photo.

Data Verification

Cross-check personal details against trusted government sources.

Risk Screening

Assess AML and sanctions risks before onboarding customers.

User Authentication

Simplify returning logins with secure biometric authentication.

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