NFIU rallies banks, fintechs to fight financial crimes

The Nigerian Financial Intelligence Unit (NFIU) is developing a new framework to enhance collaboration between public and private sector institutions in sharing financial intelligence. This initiative aims to strengthen the country's response to financial crimes by creating a trusted platform for knowledge sharing and enabling institutions to better identify emerging threats and disrupt illicit financial networks.

The framework will involve regulators, banks, insurance companies, fintechs, Virtual Asset Service Providers, technology firms, and other stakeholders. British High Commission, the Convention for Business Integrity, and the Egmont Group have all expressed support for the proposed framework, emphasizing the importance of public-private collaboration in tackling illicit financial flows.