Top fintech leaders in Nigeria, including Olugbenga Agboola, CEO of Flutterwave, and Tayo Oviosu, CEO of Paga, have hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a pivotal step for financial credibility, global investment, and cross-border payment efficiency.
The FATF announced on Friday that Nigeria, South Africa, Burkina Faso, and Mozambique have been removed from its grey list following major reforms in anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.
The decision ends nearly three years of heightened monitoring, signaling renewed international confidence in Nigeria’s financial system and regulatory standards.
A Game-Changer for Payments and Trade
Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, praised the milestone as a major breakthrough for Nigeria’s financial ecosystem.
“Nigeria’s exit from the FATF Grey List is a massive win for our economy,” Agboola said. “Flutterwave, as Africa’s most licensed non-bank financial institution with over 50 licenses, has invested heavily in compliance and governance.
This grey listing made cross-border payments harder and more expensive. Now, this delisting restores confidence, lowers remittance and transaction costs, and unlocks faster, cheaper payments to and from Nigeria. It’s a strong signal that Nigeria is back on the path of trust, transparency, and financial leadership.”
Similarly, Tayo Oviosu, CEO of Paga, celebrated the development as a turning point for investment and innovation.
“The best news, guys—Nigeria is off the FATF grey list! Congrats to everyone at NFIU, CBN, and across the financial industry,” Oviosu said.
“This is a big deal because it reopens Nigeria to foreign direct investment and stronger engagement from the West. We worked hard to get here, and this will accelerate growth for fintechs and the wider economy.”
Wider Industry and Government Reactions
Civil society and government leaders have also applauded the development.
Olusegun Onigbinde, Co-founder of BudgIT, described the delisting as “very good news,” commending the Nigerian Financial Intelligence Unit (NFIU) and regulatory bodies for their coordinated reforms.
Minister of Interior, Olubunmi Tunji-Ojo, said the move reflects the success of ongoing economic reforms:
“This milestone reinforces confidence in Nigeria’s economy and validates the effectiveness of the government’s financial policies. It will ease cross-border transactions, attract foreign investment, and create jobs.”
Stronger Compliance, Brighter Outlook
The FATF’s decision follows two years of collaborative reforms by institutions such as the Central Bank of Nigeria (CBN), NFIU, Ministry of Finance, and the Economic and Financial Crimes Commission (EFCC).
These reforms strengthened oversight, improved transparency, and enhanced data sharing across financial channels, particularly within the fintech and remittance sectors.
Analysts say the delisting will reduce compliance costs, improve access to global capital, and accelerate remittance inflows—benefits crucial for Nigeria’s $20 billion annual remittance market.
What to Know
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Nigeria and South Africa were added to the FATF grey list in February 2023.
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Mozambique joined in October 2022, and Burkina Faso in February 2021.
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Grey listing typically increases transaction costs and delays due to stricter global scrutiny.
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Nigeria’s removal now positions it for smoother, faster, and cheaper cross-border financial transactions, boosting investor confidence and strengthening fintech growth across the continent.
