Regulatory Alerts2019-08-01
Financial Inclusion Products Risk Assessment
The Nigerian National Risk Assessment Forum, coordinated by the Central Bank of Nigeria and sector regulators, issued this 2016 assessment to evaluate money laundering and terrorist financing risks across financial inclusion products. The report identifies low to medium-low vulnerabilities in tiered savings accounts, mobile money services, unit trusts, and micro-insurance, attributing this resilience to transaction thresholds, simplified KYC frameworks, and biometric verification. It mandates harmonized identification standards, targeted financial literacy initiatives, and continuous regulatory monitoring to strengthen the national AML/CFT strategy and expand formal financial access for underserved populations.
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