eTranzact seeks blockchain adoption to curb money laundering -

eTranzact International Plc, has advocated the use of blockchain technology in the financial system to improve transparency and eliminate money laundering.

Edward Onyenweaku, head risk and compliance at eTranzact made the call during a panel session tagged, ‘The Growing Threat of Money Laundering in the Financial Sector – Know Your Customer (KYC) and Anti-Money Laundering (AML) as a Disabler’, at the 2023 edition of AfricaNXT conference in Lagos.

Onyenweaku said blockchain technology increases the level of trust, security, transparency and traceability and security of shared data.

He added that blockchain automates the process of fraud detection with the help of built-in algorithms.

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According to him, transactions are continuously monitored as alerts of any suspicious activities are created.

“Blockchain maintains a complete history of past transactions within the network, which means that the user can track the data with full transparency.

“It also supports compliance automation by providing clean, accessible, real-time data, instead of asking people and third parties information on reviewers and auditors can verify transactions on blockchain records instantly, without contacting intermediaries,” he said.

Onyenweaku decried the impact of money laundering in the financial sector, saying it erodes profits due to sanctions by the regulators as well as low confidence in the market.

He listed other consequences, including loss of financial institutional reputation, credibility, revenue and investors’ confidence.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.