The Central Bank of Nigeria (CBN) has launched a new digital pilot to fight money laundering.
The move was announced in an official statement on Tuesday, 31st of March, 2026, as the CBN noted that the pilot targets fintech firms like Flutterwave, Paystack among others.
The Apex bank explained that the pilot will supervise how these firms handle money.
It was reported that the programme focuses on virtual asset service providers, aimed to stop illegal funds, improve transparency and protect Nigeria’s financial system.
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The CBN said the pilot is part of efforts to strengthen the banking system and monitor risks linked to digital finance and cross-border payments.
The Apex bank explained that the programme will not replace current rules, adding that it also does not give any licence or approval to the companies involved.
Reports indicate that other firms involved in the pilot include cNGN, Juicyway, KoinKoin and KuCoin, noting that these firms will work closely with regulators during the programme.
According to the CBN, the goal is to better understand risks in the fast-growing digital finance space.
The Apex bank added that it wants to improve how firms detect and report suspicious transactions.
It was also gathered that the programme will require firms to send monthly reports, which will show how they manage risks and follow anti-money laundering rules.
It was further reported that firms involved in the pilot will also undergo checks on customer onboarding, transaction monitoring and cross-border payments.
This move, according to sources, will help regulators see how money moves through the system.
Experts say the move is important because digital finance is growing fast and transactions now happen online and across borders, making it harder to track illegal funds.
A report noted that the pilot will give the CBN better visibility and help the apex bank understand how these companies operate and where risks come from.
Industry analysts say the step shows a shift in policy, as Nigeria is moving from strict control of crypto activities, to better supervision and engagement
A blockchain expert, Nduka Annaelechukwu, said the move is a “practical adjustment,” noting that past restrictions did not stop digital asset use.
Another market participant, Ogbuja Emmanuel, said stronger rules can build trust, adding that investors feel safer when there is proper oversight.
The CBN also said the pilot aligns with global standards and follows rules set by the Financial Action Task Force (FATF), which guides countries on fighting financial crimes.
The apex bank added that all data shared will be kept confidential and follow Nigeria’s data protection laws.
Reports have it that observers say the pilot could improve Nigeria’s global image, while adding that stronger rules may reduce risks, as well as support international trade and investment.
However, some users reportedly have concerns, about privacy and how their transactions may be monitored.
The CBN says the pilot is only a learning step, adding that it will use the findings to guide future policies and improve financial stability.
According to sources, for now, the programme marks a major step, showing that Nigeria is working to make its digital finance space safer and more transparent.
