eTranzact deepens compliance with NFIU partnership

eTranzact Plc has reinforced its commitment to compliance by partnering with the Nigerian Financial Intelligence Unit (NFIU) through training sessions.

The session, facilitated by the NFIU, spotlighted critical regulatory expectations ranging from Know Your Customer (KYC) protocols to transparency in Ultimate Beneficial Ownership (UBO) and the timely reporting of suspicious transactions.

“Compliance is not an afterthought; it is woven into the very architecture of our operations,” said Niyi Toluwalope, managing director of eTranzact Plc.

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“As Nigeria works its way off the FATF Grey List, we see this not just as a national priority, but a shared responsibility that begins at the institutional level,” he noted.

This partnership aligns with the company’s recent upgrades in its compliance infrastructure after it deployed an automated anti-money laundering (AML) transaction monitoring system and intensified oversight on high-risk customers, including Politically Exposed Persons.

Edward Onyenweaku, chief risk and compliance officer at eTranzact Plc, stated, “Our systems are built for adaptability and scalability.

“We are leveraging both technology and policy to ensure that regulatory shifts don’t catch us off guard. This training only sharpens that edge.”

NFIU helped the company address operational gaps and close compliance loopholes across its ecosystem.